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Consumer Law

A Federal Judge Rules Against Consumer Watchdog Anti-Discrimination Effort

A federal judge has ruled that the U.S. Consumer Financial Protection Bureau (CFPB) does not have broad authority to tackle discriminatory banking practices, handing a win to financial industry groups that sued the regulator.

The American Bankers Association, the U.S. Chamber of Commerce and several other industry groups in a lawsuit filed in federal court in Texas in September argued that Congress had not authorized the agency to root out discrimination.

U.S. District Judge J. Campbell Barker ruled in favor of the groups on Friday, saying the Dodd–Frank Act, which created the CFPB, treats discrimination and unfairness as distinct concepts. The ruling bars the CFPB from enforcing the policy against the trade groups’ members.

Read the source article at Yahoo Finance

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