The American Bankers Association (ABA), Independent Community Bankers of America (ICBA), the U.S. Chamber of Commerce, and local Texas trade associations filed a lawsuit against the Federal Reserve, FDIC and OCC for "exceeding their statutory authority and acting arbitrarily and capriciously with their recent amendments to the Community Reinvestment Act rules. The lawsuit asks the court to vacate the Final Rules, and the groups will also seek a preliminary injunction pausing the new rules while the court decides the merits of the case."

Related, CDBA recently hosted a webinar, "Why is the New CRA Good for CDFI Banks?" This is because the new rule – for the first time – explicitly recognizes CDFI banks in important and positive ways:

· CDFI banks now have expanded opportunities for attracting outside deposits and investments, as well as leveraging lending and service partnership from other banks seeking CRA credit.
· CDFI banks can attract support from other banks regardless of geography – not just those in Assessment Areas.
· Banks seeking CRA credit will be motivated to partner with CDFI banks.
· CDFI banks can even get credit for engaging in partnerships with each other.

Members are encouraged to reach out to Sarah Wen to access the webinar recording.