Judge Matthew Kacsmaryk of the U.S. District Court for the Northern District of Texas granted the injunction to extend the Community Reinvestment Act (CRA) final rule’s effective date—April 1—along with all other implementation dates. The injunction temporarily prevents the agencies from enforcing the final rules and the effective dates will be extended for each day the injunction remains in place, pending the resolution of the lawsuit.
Background: The Texas Bankers Association, Amarillo Chamber of Commerce, American Bankers Association, U.S. Chamber of Commerce, Longview Chamber of Commerce, Independent Community Bankers of America and Independent Bankers Association of Texas filed the lawsuit in February, asking the court to vacate the final CRA rule arguing the regulators violated the Administrative Procedure Act by acting beyond their statutory authority and to grant a preliminary injunction while the court decides the merits of the case. Texas Bankers Association et al v. Office of the Comptroller of the Currency et al.
