A Texas community bank on June 21 filed what lawyers say is the first suit directly challenging the constitutionality of the Dodd-Frank Act and the creation of the Consumer Financial Protection Bureau.
Represented by former White House counsel C. Boyden Gray, the State National Bank of Big Spring, Tex., along with The Competitive Enterprise Institute and the 60 Plus Association allege that the law lacks effective checks and balances to assure the public of accountability.
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