"Texas Judge Halts Revised Fair Lending Regulations"
A federal judge in Texas has blocked the enforcement of new regulations aimed at overhauling how lenders extend loans and services to low- and moderate-income Americans, finding that the rules violated the Community Reinvestment Act of 1977. The judge's preliminary injunction, issued in response to a lawsuit by banking and business groups, prevents the rules from taking effect. The updated regulations, issued by the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of the Currency, sought to broaden the geographies in which lenders are required to extend services, but the judge ruled that they exceeded the authority granted by the 1977 law.