The Consumer Financial Protection Bureau and a Chicago mortgage lender accused of fair lending violations are battling over the meaning of a recent US Supreme Court ruling limiting judicial deference to regulatory agencies.
The high court’s June ruling in Loper Bright Enterprises v. Raimondo said that courts no longer must defer to federal regulators’ interpretation of ambiguous federal statutes. Instead, courts can receive guidance from a regulator but must make their own determination of what the right interpretation of a federal law is in deciding on whether a regulation or enforcement action is proper.
In the CFPB v. Townstone Financial ...
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