Texas Bank to Take Lead in CFPB Lawsuit

Texas Bank to Take Lead in CFPB Lawsuit

June 21, 2012
Originally published in American Banker

From Rachel Witkowski's article in American Banker:

The State National Bank of Big Spring will file a lawsuit Thursday afternoon in the U.S. District Court for the District of Columbia. The suit will challenge certain provisions in the Dodd-Frank Act as unconstitutional, with a focus on the creation of the CFPB. The Competitive Enterprise Institute and the 60 Plus Association will also join the case. The parties complained in a press release Thursday that there are "no checks and balances" in certain provisions of Dodd-Frank, while taking issue with the "unrestrained power" that the government gives to the CFPB.