Warren, Waters Slam ‘Outrageous’ Suit on Anti-Redlining Rule (2)

Two top Democrats called the banking industry’s lawsuit over a rewrite of decades-old anti-redlining rules “outrageous” and demanded to know which banks or other companies are funding it.

The US Chamber of Commerce and the American Bankers Association successfully got the revamped Community Reinvestment Act regulations put on hold after filing a lawsuit along with other local industry groups in the US District Court for the Northern District of Texas. Judge Matthew J. Kacsmaryk slapped a preliminary injunction on the final rule in March blocking its effective date. Portions of the rule were set to take effect in April.

The ...