A small community bank in Texas is challenging the constitutionality of the Dodd-Frank financial reform.
The State National Bank of Big Spring, Texas, filed a lawsuit in D.C.
Circuit Court challenging the ability of regulators to designate banks
as systemically important. It also criticized the newly created Consumer
Financial Protection Bureau’s lack of institutional oversight.
“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,” State National Bank
CEO Jim Purcell said Thursday in a release.
“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. That is simply unconstitutional.”
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