Lawsuit challenges Dodd-Frank and CFPB

A Texas Bank, the Competitive Enterprise Institute, and the 60 Plus Association are reportedly filing a lawsuit -- this afternoon -- challenging various provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. According to an article in The Hill, "the suit will contend that the Consumer Financial Protection Bureau (CFPB), created by the law, lacks sufficient checks and balances and . . . simply unconstitutional." In addition to challenging the CFPB, the lawsuit will reportedly challenge the Dodd-Frank provisions that create Financial Stability Oversight Council (FSOC). The FSOC is a group of regulators that oversee the financial system and identify financial institutions that pose unique risks to the system and merit heightened oversight. The lawsuit will be filed in US District Court in DC and will name federal regulators as defendants. The American Banker has also reported on the lawsuit.