However, a coalition of banking associations and chambers of commerce is challenging these protections, threatening to roll back progress on ensuring that all communities have fair access to financial services. 

The associations challenging the CRA regulations in this case are the Texas Bankers Association, Amarillo Chamber of Commerce, American Bankers Association, Chamber of Commerce for the United States of America, Longview Chamber of Commerce, Independent Community Bankers of America, and the Independent Bankers Association of Texas.

On July 25, 2024, Democracy Forward filed an amicus brief on behalf of Beneficial State Bank, a financial institution defending the updated protections. 

Our brief highlights that these regulations are not only supported by many community-focused financial institutions but are essential for maintaining fair access to financial services. We argue that the regulations help bridge the gap between financial institutions and the communities they serve, promoting responsible lending and protecting disadvantaged populations.

A ruling against these regulations could damage efforts to provide equitable financial access for people, harming low- and moderate-income communities. Upholding these regulations is crucial for maintaining the integrity of financial services and ensuring that they serve the public interest.

The U.S. District Court for the Northern District of Texas granted a request from the associations challenging the CRA regulations to temporarily stop the new rules from taking effect. However, this decision is now in the appellate stage before the Fifth Circuit.