Statement by TBA President and CEO on SCOTUS ruling: Chevron Doctrine

6/28/2024

The Texas Bankers Association President and CEO Chris Furlow gives a statement on today’s ruling by the U.S. Supreme Court overturning the Chevron Doctrine.

“The Supreme Court’s Chevron ruling makes clear that unelected bureaucrats do not have the authority to subvert Congress and create law to suit their own political agendas. The integrity of the Administrative Procedure Act is key to the majority’s decision in Chevron, and it is at the heart of TBA’s pending lawsuit challenging CFPB’s over-reaching Sec. 1071 small business data collection rule and the CRA lawsuit in which TBA and our co-plaintiffs have already won a preliminary injunction. Emboldened by the clarity of this SCOTUS decision, the Texas Bankers Association looks forward to pressing forward with our cases against over-reaching regulators.”

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The Texas Bankers Association (TBA), America’s oldest and largest state banking organization, filed the original lawsuit challenging CFPB on Sec. 1071 in April of 2023. The TBA lawsuit, with co-plaintiffs Rio Bank of McAllen, TX, and the American Bankers Association, is expected to be heard later this year. TBA is also a leading plaintiff in a challenge to the joint Federal banking agencies’ new Community Reinvestment Act (CRA) rule that expanded regulator powers without congressional approval as noted in a preliminary injunction granted to TBA and co-plaintiffs by US District Judge Matthew Kacsmaryk in March 2024. TBA argues that the failure of Federal regulators to consider public comment and to perform legitimate impact assessments violate the Administrative Procedure Act.