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Chicago lender and CFPB clash over Chevron in racist podcast appeal

Chicago lender and CFPB clash over Chevron in racist podcast appeal

Chicago lender and CFPB clash over Chevron in racist podcast appeal

The Consumer Financial Protection Bureau and a Chicago mortgage lender accused of violating fair lending rules are fighting over the meaning of a recent U.S. Supreme Court ruling that limited judicial deference to regulatory agencies.

The Supreme Court’s June ruling in Loper Bright Enterprises v. Raimondo He said courts should no longer be bound by federal regulators’ interpretation of ambiguous federal statutes. Instead, courts can take guidance from a regulator, but must make their own determination about what the correct interpretation of a federal law is when deciding whether a regulation or enforcement action is appropriate.

In CFPB v. Townstone Financial…