Financial institutions support challenge to CFPB's Supervision and Examination Manual

Client(s) Bank Policy Institute, America’s Credit Unions, and the American Financial Services Association

Jones Day represented the Bank Policy Institute, America's Credit Unions, and the American Financial Services Association in filing an amicus brief in the U.S. Court of Appeals for the Fifth Circuit supporting the U.S. Chamber of Commerce and the American Bankers Association's challenge to the Consumer Financial Protection Bureau's (CFPB) 2022 revisions to its Supervision and Examination Manual. Through the revisions, the CFPB claimed the power to regulate discrimination—including disparate impact—under the Dodd-Frank Act's prohibition on "unfair, deceptive, or abusive acts or practices." In the brief, the trade groups argue that the CFPB's challenge to Article III standing has no merit because the Manual is binding—both legally and practically—and its revisions force the nation's financial institutions to incur substantial compliance costs to avoid supervisory and enforcement actions.

Chamber of Commerce, et al. v. CFPB, et al., No. 23-40650 (5th Cir.)