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The Texas Court’s Preliminary Injunction Against the 2023 Rule
Manage episode 414368638 series 3352301
Kandungan disediakan oleh Dean Stockford - Len Suzio. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh Dean Stockford - Len Suzio atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
In Podcast 73, Dean and Len discuss a recent preliminary injunction issued by a Texas federal judge against the 2023 Community Reinvestment Act (CRA) rule. This injunction has halted the implementation of the new rule, pending legal proceedings. The court found substantial grounds suggesting the federal banking regulators may have exceeded their authority in expanding CRA evaluation markets and including deposits and other retail banking products under the regulation. The court's decision highlighted four key reasons for this view: the inconsistent interpretation of "entire community" in the new rule, the questionable authority to regulate beyond credit activities, the application of the "Major Questions Doctrine," and a substantial likelihood of plaintiff’s success with irreparable harm due to compliance costs. Dean and Len predict a favorable outcome for the plaintiffs, with the case likely progressing to the Supreme Court, prolonging the legal process into 2025. They advise banks to comply with the current rule and suggest banks compute and target the proposed calibrated benchmarks for at least a satisfactory performance rating on the Lending Test. The episode ends with Dean and Len emphasizing the importance of staying informed and prepared as the situation develops.
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