The Community Development Bankers Association (CDBA), representing
the nation's leading mission-focused banks, acknowledges the recent federal court ruling that denied the request for summary judgment in the lawsuit challenging the Consumer Financial Protection Bureau's (CFPB) final rule implementing Section 1071 of the Dodd-Frank Act.

Jeannine Jacokes, CEO of CDBA, stated, "CDBA strongly supports efforts to ensure all small businesses are fairly and well served. We welcome the court's ruling to the extent it moves us closer to regulatory certainty and advances the critical goal of preventing discrimination in business lending."

The ruling, issued by Judge Randy Crane, determined that the CFPB did not exceed its authority nor violate the Administrative Procedure Act (APA) in developing the small business data collection rule. While the court did not comment on the policy wisdom of the final rule, the decision underscores the importance of following a comprehensive administrative process in rulemaking.