By Jody Godoy (Reuters) - A federal judge has ruled that the U.S. Consumer Financial Protection Bureau (CFPB) does not have broad authority to tackle ...
STORY CONTINUES BELOW THESE SALTWIRE VIDEOSBy Jody Godoy
The industry groups say the CFPB unlawfully stretched that mandate to include discrimination, expanding its authority beyond existing fair lending laws. The industry groups argued that the CFPB acted arbitrarily by scrutinizing"disparate impacts" on consumers. That legal theory allows regulators to go after practices that may appear neutral but adversely affect one group of people more than others.
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