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Texas vs. the CFPB.
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Plaintiffs, the Texas Bankers Association, the American Bankers Association, and Rio Bank of McAllen, Texas, filed suit in the federaldistrict court for the Southern District of Texas challenging the validity of the Consumer Financial Protection Bureau (CFPB)’s final rule implementing Section 1071 of the Dodd-Frank Act (“Rule”), and seeking to enjoin the CFPB from implementing and enforcing the Rule.