By The largest state bank trade group in the country is suing the Consumer Financial Protection Bureau to block the rollout of a new data collection requirement.
The Texas Bankers Association filed suit against the CFPB in the U.S. District Court for the Southern District of Texas on Wednesday. The lawsuit challenges a rule that will require banks to disclose, among other things, information about applicants that are approved or denied small business loans.
The lawsuit notes concerns about the CFPB’s ability to safeguard the delicate information it is demanding from banks, citing the recent disclosed breach at the agency, which compromised data on more than 250,000 consumers and dozens of companies.
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