Law360, New York ( August 14, 2015, 11:26 AM EDT) -- On July 24, 2015, a panel of the D.C. Circuit held that State National Bank of Big Spring, a Texas bank with total assets of approximately $313 million, can challenge the constitutionality of the Consumer Financial Protection Bureau and the recess appointment of its director, Richard Cordray. In so doing, the D.C. Circuit overturned, in part, a decision of the U.S. District Court for the District of Columbia, which dismissed the bank's claims on lack of standing and ripeness grounds.[1]...
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