A little Texas bank is trying to slay a giant.
The State National Bank of Big Spring in Texas is suing the year-old U.S. Consumer Financial Protection Bureau, trying to force the regulatory agency to define its limits. Doing so would bring stability to the banking industry, a lawyer involved says.
Critics say the USCFPB has an open-ended mandate that is confusing to America’s large and small financial institutions.
“There is a lot of uncertainty today with respect the CFPB can do and how it would do it,” Joseph Barloon, a Washington lawyer handling the suit, tells Thomson Reuters. “This lawsuit, even if not successful, may help clarify some of those issues.”
Read more here: http://blogs.star-telegram.com/investigations/2012/07/us-consumer-financial-bureau-sued-by-small-texas-bank.html#storylink=cpy