Readers may remember the small Texas bank that waged a fight against the constitutionality of the Consumer Financial Protection Bureau, alleging that the 2012 recess appointment of Director Richard Cordray was illegal and that the very creation of the agency circumvented checks and balances. The case continued recently when State National Bank of Spring, Texas, filed a motion for summary judgment, seeking a declaration that the CFPB’s structure is unconstitutional.
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