A Texas community bank, The State National Bank of Big Spring, has announced it plans to file a lawsuit challenging the constitutionality of the Consumer Financial Protection Bureau (CFPB). The Competitive Enterprise Institute and the 60 Plus Association are reportedly joining the bank as co-plaintiffs. In its press release, the bank stated that the lawsuit was to be filed in the U.S. District Court for the District of Columbia on Thursday June 21.
However, despite reports elsewhere, as of Friday afternoon, court records show that the complaint has not yet been filed. The State National Bank and the two co-plaintiffs are represented by C. Boyden Gray, who was formerly White House Counsel to President George H.W. Bush. He now has his own law firm, C. Boyden Gray and Associates. The press release is available here. (MORE on the CFPB Challenge…)
According to the press release, the lawsuit will claim that the “unchecked power” of the CFPB is unconstitutional, since the Dodd-Frank Act “effectively gives unlimited regulatory power” to the CFPB with a “director who is not accountable to Congress, the President or the Courts.” For these reasons, the complaint will claim that there are no effective checks and balances to assure that the CFPB is held accountable to the public.