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Search resuls for: "overstepping"


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☆ Corporate groups sue U.S. consumer watchdog alleging legal overreach
  + stars: | 2022-09-28 | by ( John Mccrank | Boies | Hausfeld Among Law Firms Reaping | ) www.reuters.com   time to read: +3 min
The lawsuit marks a major escalation of tensions between the industry and the consumer watchdog, which industry groups say has repeatedly overstepped its mandate under President Joe Biden's director Rohit Chopra. Register now for FREE unlimited access to Reuters.com RegisterThe groups said the agency does not have the legal authority to make that change. Certain financial products, like no-fee checking accounts, could be seen as discriminatory using a disparate impact analysis, the Chamber said. "The CFPB is attempting to pretend that they are Congress and impose new theories of disparate impact through an extra-legal process," Bradley said. The Chamber was joined in the lawsuit, filed in the Eastern District of Texas, by the American Bankers Association and Consumer Bankers Association, among other state groups.
☆ Chamber of Commerce sues Biden administration regulator over an attempt to fight discrimination at financial services companies
  + stars: | 2022-09-28 | by ( Jordan Valinsky | ) edition.cnn.com   time to read: +2 min
New York CNN Business —The US Chamber of Commerce and other trade groups filed a lawsuit against the Consumer Financial Protection Bureau over the agency’s recent attempt to examine discrimination in financial services, a move that the groups argue needs congressional approval. The Biden administration recently updated the Unfair, Deceptive, or Abusive Acts or Practices section of the CFPB’s examination manual to include discrimination – specifically whether financial products are offered equally to all customers of different backgrounds. The groups say allegations of discrimination in finance are investigated from other government agencies. Putting CFPB in charge of that could “result in the disappearance of products consumers currently enjoy and benefit from,” they argue. Democratic Sen. Elizabeth Warren and other proponents argue it’s a key watchdog agency working for American consumers.
☆ In a political first, two gay candidates face off in congressional election
  + stars: | 2022-09-22 | by ( Julie Moreau | ) www.nbcnews.com   time to read: +10 min
A historic number of LGBTQ candidates will appear on ballots across the country in November. It is one of 16 competitive races in which LGBTQ candidates appear, and which may decide control of the U.S. House, according to the LGBTQ Victory Fund. 'It was going to happen sooner of later'The odds of a faceoff between two gay candidates have gone up in recent years, because there’s been an increase in LGBTQ candidates at all levels of government. Santos is the only openly LGBTQ Republican running for Congress this fall, according to the LGBTQ Victory Fund. “The issue is not that both of us are gay,” Zimmerman said.
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