The CFPB is operating beyond its statutory authority and without accountabilityWASHINGTON, D.C. – The U.S. Chamber of Commerce today filed a lawsuit in the Eastern District of Texas with co-plaintiffs American Bankers Association, Consumer Bankers Association, Independent Bankers Association of Texas, Longview Chamber of Commerce, Texas Association of Business, and Texas Bankers Association against the Consumer Financial Protection Bureau (CFPB) for exceeding its statutory authority when amending its examination manual.The U.S. Chamber and co-plaintiffs are challenging the CFPB’s recent update to the Unfair, Deceptive, or Abusive Acts or Practices (UDAAP) section of its examination manual to include discrimination and in particular disparate impact. Congress has not given the CFPB the power to do so, as allegations of discrimination are handled by other agencies through statutes such as the Equal Credit Opportunity Act, the Fair Housing Act, and the Home Mortgage Disclosure
