A small Texas bank scored a potentially big victory on Friday, when the U.S. Court of Appeals for the District of Columbia Circuit ruled that it has standing to challenge the constitutionality of the Consumer Financial Protection Bureau.
“The D.C. Circuit’s ruling today opens the door to a court test of the CFPB’s constitutionality,” says Sam Kazman, general counsel for the Competitive Enterprise Institute, a conservative think tank. “Since Dodd-Frank’s enactment five years ago this month, the CFPB has inflicted damage on huge segments of our economy. Its powers are so free-roaming that they are unprecedented in our history. The fact that our standing to challenge the CFPB has been upheld is great news for us, the plaintiffs, and even greater news for the American public.”
