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The
State National Bank of Big Spring, along with at least two other think tank
groups, filed suit in the District of Columbia federal
court last week challenging the constitutionality of the Dodd-Frank financial
reform measure. The suit specifically challenges the creation of the
Consumer Financial Protection Bureau (CFPB) because Congress does not appropriate
its budget and the courts face restrictions in reviewing its rule making
authority.
"My
phone began to ring off the hook Thursday afternoon when the lawsuit was
filed," said IBAT President and CEO Chris Williston. "Members
of the financial press wanted to know about the bank's involvement and whether
IBAT was directly or indirectly involved."
IBAT
is not a plaintiff in the lawsuit and was never contacted about our initiating
or joining the suit. The IBAT Board will receive a complete briefing on
the suit and its prospects at its regularly scheduled meeting in Austin later
this week.