TBA statement on Biden veto of bipartisan legislation

TBA statement on Biden veto of bipartisan legislation

In response to President Joe Biden vetoing S.J. Res. 32 last night, bipartisan-supported legislation that would nullify the CFPB's Sec. 1071 Final Rule, Texas Bankers Association (TBA) President and CEO Chris Furlow said the following:

"It's a damn shame that one of the few bills Congress has passed on a bipartisan basis has been rejected by the President.

The White House chose the CFPB and the negative impact of 888 pages of Washington regulation over Main Street small businesses and the community banks that make most of those loans on a proportionate basis. This must be countered in the courts.

The Texas Bankers Association, along with our co-plaintiffs, Rio Bank and the ABA, are even more resolved to continue our Section 1071 suit against CFPB.

We have been grateful for the leadership of Chairman Roger Williams and a majority of the Texas delegation for their support of S.J. Res. 32."