A small Texas bank was handed a large victory this week, when a federal court ruled that the bank is allowed to challenge the constitutionality and authority of the Consumer Financial Protection Bureau. The repercussion of this battle could also have a huge ripple effect on the entire financial market. The bank, State National Bank of Big Spring, Texas, filed suit against the federal government in 2012, claiming that CFPB’s “unprecedented, unchecked power” violates the Constitution’s separation of powers. In August 2013, after 11 states . . .
Source: Small Texas bank winning big fight against CFPB | 2015-07-24 | HousingWire