A Texas court on Monday rejected a banking trade association lawsuit seeking to dismantle small business lending data collection rules known as Section 1071. NCRC President and CEO Jesse Van Tol welcomed the ruling, saying:
It’s always a good day when common sense and clear law prevail over the frivolity, greed and cynicism of corporate lobbyists. Next up: The bank lobby’s equally absurd and dishonest attempt to trick courts into derailing the Community Reinvestment Act. That selfish and dishonest attempt to sabotage economic growth in marginalized communities should meet the same fate as this failed attack on basic fairness in small business lending.
For more on Section 1071 and the meritlessness of the lawsuit against it, click here.
For more on the separate CRA lawsuit with similar logical flaws, click here.
