From the Hill.com:
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A Texas community bank is filing suit in U.S. District Court to challenge the constitutionality of the Dodd-Frank financial reform law.
In particular, the suit will contend that the Consumer Financial Protection Bureau (CFPB), created by the law, lacks sufficient checks and balances and, in the words of State National Bank’s CEO, is “simply unconstitutional.”
“No other federal agency or commission operates in such a way that one person can essentially determine who gets a home loan, who can get a credit card and who can get a loan for college,” said Jim Purcell, head of the Big Spring, Texas, bank. “Dodd-Frank effectively gives unlimited regulatory power to this so-called Consumer Financial Protection Board, also known as CFPB, with a director who is not accountable to Congress, the President or the Courts.”
C. Boyden Gray, who served as White House Counsel under former President George H.W. Bush, will represent the bank in court.