Texas federal judge blocks updated fair lending rules

[BumRushDaShow]

Source: Reuters

March 29, 2024 10:54 PM EDT


March 29 (Reuters) - A federal judge in Texas on Friday blocked enforcement of new regulations adopted during the Biden administration that sought to overhaul how lenders extend loans and other services to low- and moderate-income Americans.

U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas, sided with banking and business groups including the American Bankers Association and U.S. Chamber of Commerce in finding the new rules ran afoul of the Community Reinvestment Act of 1977.

The judge, an appointee of Republican former President Donald Trump, issued a preliminary injunction blocking their enforcement before they could take effect Monday. The agencies and trade groups did not respond to requests for comment.

The Federal Reserve, Federal Deposit Insurance Corporation and Office of the Comptroller of the Currency last year updated their rules enforcing the 1977 fair lending law, which seeks to ensure banks lend in their local communities. Conceived to prevent red lining - a discriminatory practice where banks refuse or offer only limited lending to certain areas or populations, primarily minorities - CRA regulations gauge how well banks service areas where they operate.

Read more: https://www.reuters.com/business/finance/texas-federal-judge-blocks-updated-fair-lending-rules-2024-03-30/

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More judge-shopped mess.

[elleng]

1. U.S. District Judge Matthew Kacsmaryk in Amarillo, Texas

[cstanleytech]

2. Another case of venue Court shopping?

[TxGuitar]

13. Yes

His court is the favorite of Abbott, Patrick and Paxton.

[OldBaldy1701E]

3. One has to wonder what stake that judge has in this.

Because the idea that anyone should side with those who prefer to discriminate against those who are not rich enough to protect themselves from predator businesses just sounds like a conflict of interest to myself. But what do I know?

[Paladin]

4. I've encountered rattlesnakes less toxic than Kacsmaryk. (nt)

[Maeve]

5. I knew which judge before I got to his name---this guy is a loon

[TxGuitar]

6. He is a disgrace

Republicans like to file in his court. Mifepristone case was filed in his court. He is a total shit stain. Appointed by Trump, took 3 times I think to get his appointment confirmed.

[charliea]

10. These decisions...

Will get him a supreme court appointment is Trump is elected, since Project 2025 would see him becoming president for life...

[Martin68]

7. I was tempted to call this Texas judge a Neanderthal, but the latest research on Neanderthals indicates they

were for more intelligent and civilized than this.

[Zilli]

8. This is "the way of things".

Texas will not tolerate, even for one minute, fair lending rules......................................

[dalton99a]

9. Trump judge blocks updated fair lending rules

[ananda]

11. I wonder how rightwing judges like that ever pass the bar.

They sure don't follow the law, the constitution, or human decency.

And that includes the awful SCOTUS justices too.

[pecosbob]

12. One of these days, Matthew...

[jvill]

14. These rulings are utterly devoid of credibility...

… the justice system is broken and corrupted.