The Consumer Financial Protection Bureau is being sued.
The Texas-based State National Bank of Big Spring is the lead plaintiff in the lawsuit, which was filed Thursday. The bank charges that the powers enjoyed by the CFPB are unmatched by any other institution in the federal government, and that the fact that CFPB Director Richard Cordray doesn’t answer to any other government party violates the U.S. constitution.
“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,” Purcell said in an official statement.
The Competitive Enterprise Institute and the 60 Plus Association are also participating in the suit against the CFPB.
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