Texas Bank Takes Politically Charged CFPB Fight To Court

Law360, New York (June 21, 2012, 7:12 PM ET) -- A small Texas bank on Thursday filed the first of what was expected to be a wave of lawsuits challenging the constitutionality of the Consumer Financial Protection Bureau, but supporters of the fledgling agency called the suit an attempt to bring the political fight over its creation into the court system.

The State National Bank of Big Spring, Texas, and two conservative activist groups filed the complaint in Washington federal court alleging that the Dodd-Frank Act gave the CFPB “unprecedented, unchecked power,” echoing arguments that began...
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