A lawsuit that challenged the authority of Dodd-Frank to regulate the financial services industry was dismissed Aug. 1 in Washington, D.C. in U.S. District Court.
Had the suit succeeded, the CFPB and its mandates to date would most likely have been rendered null and void.
Texas bank, CEI, attorneys general lay out claims against new federal regulations, regulator.
Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia would join Oklahoma, South Carolina and Michigan in challenge to CFPB, FSOC.
Although the District of Columbia Circuit Appeals Court invalidated President Barack Obama’s recess appointments to the National Labor Relations Board and potentially overturned the board’s decisions since early 2012, credit unions shouldn’t assume the ruling means the CFPB will meet the same fate, said NAFCU President/CEO Fred Becker.
NLRB plaintiffs say the ruling was significant because it occurred in the same court that is hearing the Cordray suit.
Oklahoma, South Carolina and Michigan join action that includes NCUA Chairman Debbie Matz as a defendant.
NCUA Chairman Debbie Matz was named as a defendant in a lawsuit that challenges the constitutionality of the Consumer Financial Protection Bureau.
Plaintiffs challenge creation of CFPB and FSOC, Cordray's appointment.