The first legal challenge to Dodd-Frank is baseless says the Department of Justice.
The $285 million-asset State National Bank of Big Spring, Texas "lacked legal standing to file a lawsuit against CFPB and the Dodd-Frank law that created it," writes American Banker's Rob Blackwell.
The bank's court challenge was filed in June, claiming that pending Consumer Financial Protection Bureau regulations concerning mortgages and remittances had caused it to exit those businesses.
In order to have legal standing, the bank must establish that it has been harmed, first and foremost. The Justice Department said State National Bank has failed to allege any imminent injury.
For the full piece see "DOJ Fires Back in Case Against CFPB, Dodd-Frank" (may require subscription).