One of the two trade groups that sued the Federal Reserve Board over the loan officer compensation rule has vowed to fight on after a crushing defeat in a federal appeals court.
On Tuesday, the U.S. Court of Appeals for the District of Columbia Circuit lifted the stay on the loan officer compensation rule.
One of the plaintiffs in two lawsuits against the Fed, the National Association of Independent Housing Professionals Inc., quoted a federal judge as saying that “irreparable harm” will be caused to small businesses as a result of the rule.
Still, the group vowed to fight on.
Now, the plaintiff in the second lawsuit against the Fed — the National Association of Mortgage Brokers — is promising to continue to fight the rule.
“This fight is far from over,” NAMB President Mike D’Alonzo said in a statement. “NAMB will exercise every option available to combat the consumer damaging Fed Rule. I want to commend the efforts of NAMB and NAIHP and their respective legal teams throughout this entire process.”
The two lawsuits have been consolidated.
D’Alonzo said NAMB will continue the appeal for the preliminary injunction on the rule. He doesn’t see the lifting of the stay as diminishing the case for the plaintiffs’ appeal.
