Texas banking group files suit over 1071 rule

The Texas Bankers Association, along with Rio Bank of McAllen, Texas, filed suit in the U.S. District Court for the Southern District of Texas against the Consumer Financial Protection Bureau to challenge the section 1071 small business lending final rule issued on March 30. The complaint alleges, among other things, the final rule will drive smaller lenders from the marketplace if they are forced to comply. Read on for more details.