Texas federal judge blocks updated fair lending rules
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A federal judge in Texas has blocked the 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 sided with banking and business groups, finding that the new rules ran afoul of the Community Reinvestment Act of 1977. The judge issued a preliminary injunction blocking their enforcement before they could take effect on Monday. The Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency updated their rules last year to enforce the fair lending law, which seeks to ensure banks lend in their local communities. The new rules broadened the geographies in which lenders were required to extend loans and other services to low-income Americans, but the judge agreed with the business and banking groups that the regulations went beyond what the 1977 law authorized.

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https://www.investing.com/news/stock-market-news/texas-federal-judge-blocks-updated-fair-lending-rules-3358335