The U.S. Chamber of Commerce, American Bankers Association, the Consumer Bankers Association, Financial Services Roundtable, American Financial Services Association, Texas Association of Business, Texas Bankers Association, and nine chambers of commerce located throughout Texas filed a lawsuit in Texas federal court challenging the Consumer Financial Protection Bureau’s final arbitration rule.

The lawsuit seeks to stay implementation of the arbitration rule, a declaration that it is unlawful and other relief.  The case has been assigned to Judge Sidney A. Fitzwater, U.S. District Court for the Northern District of Texas (Dallas).  We will be providing more details next week.