This past Thursday, June 21, 2012, the State National Bank of Big Spring ("National Bank'"), the Competitive Enterprise Institute ("CEI"), and the 60 Plus Association, Inc. ("the Association"), filed suit against the Consumer Financial Protection Bureau ("CFPB"), the U.S. Department of the Treasury and various financial officials, including Richard Cordray, Director of the CFPB, in their official capacities. In a 32- page Complaint, the Petitioners railed against what they characterized as the u
United StatesConsumer Protection
This past Thursday, June 21, 2012, the State National Bank of
Big Spring ("National Bank'"), the Competitive
Enterprise Institute ("CEI"), and the 60 Plus
Association, Inc. ("the Association"), filed suit against
the Consumer Financial Protection Bureau ("CFPB"), the
U.S. Department of the Treasury and various financial officials,
including Richard Cordray, Director of the CFPB, in their official
capacities. In a 32- page Complaint, the Petitioners railed
against what they characterized as the unchecked power of the CFPB
and the "chilling effect" its operation would have on
small financial institutions. The Petitioners challenged the
CFPB on three separate grounds: (1) violation of the separation of
powers for failure to provide any meaningful checks and balances on
the CFPB; (2) violation of the Appointment Clause for fraudulently
appointing Mr. Cordray; and (3) violation of the separation of
powers for failure to provide any meaningful checks and balances on
the
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