Obama's consumer watchdog CFPB gets sued

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Obama’s consumer watchdog CFPB gets sued

Obama’s consumer watchdog CFPB gets sued

Washington Post-

A small Texas bank, together with two conservative advocacy groups, have filed suit against the Consumer Financial Protection Bureau, claiming that its powers and Obama’s recess appointment of its director are unconstitutional.

The State National Bank of Big Spring, Tex., the Competitive Enterprise Institute and the 60 Plus Association, a conservative advocacy group for seniors, claim that Dodd-Frank effectively gives “unbounded power to the CFPB,” resulting in “unprecedented violations of ‘the basic concept of separation of powers’ ” laid out in the Constitution.

[WASHINGTON POST]

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