LONGVIEW, Texas (KETK) – The Longview Chamber of Commerce joins the U.S. Chamber of Commerce,
Texas Bankers Association, American Bankers Association (ABA), Independent Bankers
Association of Texas (IBAT), and Consumer Bankers Association (CBA), on Wednesday in a jointly filed a
lawsuit against the CFPB, challenging the legality of recent changes made by the agency to
the Unfair, Deceptive, or Abusive Acts or Practices (UDAAPs) examination manual.

In a new statement, Chamber President and CEO Kelly Hall said:

“The Longview Chamber is committed to LeadingPeople. LeadingProsperty. We believe
in protecting our trade area’s economic environment, so businesses can thrive.
Therefore, our board of directors are willing to challenge bad policy that allows the
CFPB to exceed its statutory authority outlined in the Dodd-Frank Act. To demonstrate
our commitment to businesses we have joined in partnership with the U.S. Chamber
and banker associations to firmly oppose discrimination in any form and remain fully
committed to expanding access to financial products among underserved communities
across this nation. The Longview Chamber unreservedly supports fair, objective, and
transparent enforcement of civil rights and fair lending laws, but recent changes made
to the UDAAP Exam Manual by the CFPB represent an enormous self-expansion of the
agency’s authority that stands contrary to law and the intent of Congress.

“To be clear, these actions raise profound substantive and procedural legal concerns,
but they also threaten banks’ ability to deliver the products and services millions of
Americans rely on to meet their financial needs. We cannot stand by while a federal
agency exceeds its statutory authority, creates regulatory uncertainty, and imposes
costly burdens on the business community.”

Chamber President and CEO Kelly Hall

On March 16, the CFPB revised its examination manual to reflect a new belief that the
“unfairness” prong of the UDAAP definition can be applied to allegedly discriminatory
practices, said the Chamber of Commerce.

The lawsuit states, throughout the course of many decades, Congress never used the statutory
concepts of “unfairness” and “discrimination” interchangeably. Rather, they are distinct, and
each has a well-established meaning and scope of application according to a statement from the Longview Chamber.

The plaintiffs state, Congress did not authorize or intend for the CFPB to “fill gaps” between the clearly
articulated boundaries of antidiscrimination statutes with its UDAAP authority.

  • The CFPB’s action has created significant uncertainty in the financial marketplace to the detriment of consumers and banks alike, according to the Chamber of Commerce.
  • These changes affect every consumer product and service banks offer today and could limit access to the financial tools millions of hardworking Americans rely on to meet their needs, said the plaintiffs.

The Longview Chamber of Commerce, U.S. Chamber of Commerce and leading financial
groups have called on the Bureau to rescind recent changes made to the UDAAP examination
manual. In a white paper sent to the CFPB in June, the plaintiffs conveyed why the Bureau’s actions
stand contrary to existing law and are procedurally deficient. To date, the CFPB has
maintained its position.

“Recognizing the impact these actions may have on banks and the millions of consumers they serve; we filed a lawsuit today challenging the CFPB’s position on several grounds including the agency’s lack of statutory authority and failure to follow appropriate policymaking procedure.

Chamber President and CEO Kelly Hall


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