NCUA Chairman Debbie Matz is named as a defendant in a lawsuit filed June 22 that challenges the constitutionality of the Consumer Financial Protection Bureau.
According to U.S. District Court records filed in Washington, plaintiffs include the $275 million State National Bank of Big Spring, located in Big Spring, Texas; non-profit think tank The Competitive Enterprise Institute, and the 60 Plus Association, an Alexandria, Va.-based senior citizen advocacy group.
The organizations challenge the constitutionality of the formation of the CFPB and the Financial Stability Oversight Council, both mandated by the Dodd-Frank Act, and President Barack Obama's Jan. 4, 2012 recess appointment of Director Richard Cordray, which did not occur during an official Senate recess.
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