Think Tank Files Court Brief Calling Consumer Financial Protection Bureau Unconstitutional
WDEL cited CEI on State National Bank of Big Spring v. Mnuchin case.
The Buckeye Institute is urging the U.S. Supreme Court to rule that the Consumer Financial Protection Bureau is unconstitutional.
The bureau is a federal agency that was designed to protect consumers by regulating banks, credit unions, payday lenders and similar industries. The Buckeye Institute, an Ohio-based free-market think tank, objects to the CFPB’s unique structure that it says has too much independence from the president of the U.S. and Congress. An amicus brief filed by the institute claims that this structure violates the separation of powers and allows unelected bureaucrats to usurp power that belongs to elected officials.
The case for which the Buckeye Institute filed the amicus brief, State National Bank of Big Spring v. Mnuchin, was filed in 2012 by the Competitive Enterprise Institute, the 60 Plus Association, and the State National Bank of Big Spring, Texas.