ABA joins Texas lawsuit to block CFPB’s Section 1071 rule – Oklahoma Bankers Association

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ABA joins Texas lawsuit to block CFPB’s Section 1071 rule – Oklahoma Bankers Association

The American Bankers Association has joined a lawsuit filed by the Texas Bankers Association and McAllen, Texas-based Rio Bank challenging the Consumer Financial Protection Bureau’s final rule implementing Section 1071 of the Dodd-Frank Act. ABA president and CEO Rob Nichols made the announcement of his association joining the legal fight during the TBA’s annual convention in San Antonio late last week. Section 1071 requires the collection and s…