Posts tagged constitutional challenge.
Most constitutional challenges to agency action arise as a defense to an enforcement action. However, State National Bank of Big Spring, Texas (the "Bank") has led a constitutional challenge to the very existence and structure of the Consumer Financial Protection Bureau ("CFPB") from day one. The CFPB was created by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The Bank's ambitious challenge to the constitutionality of the CFPB is rooted in five core arguments: 1) as an independent agency, the CFPB could not be headed by one person, Director Richard Cordray ...
Posted in: CFPB, Dodd-Frank Act
Tags: burr forman, cfpb, constitutional challenge, Consumer Finance Litigation & Arbitration, Consumer Finance Litigation blog, Consumer Financial Protection Bureau, Consumer Protection Act, D.C. Circuit Court of Appeals, dodd-frank, Dodd-Frank Wall Street Reform, Financial Stability Oversight Counsel, Richard Cordray, State National Bank of Big Spring Texas, United States District Court