Dodd-Frank Reform Watch
Sponsored by

DOJ Rejects Claims Against CFPB, Dodd-Frank


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).



Legal Bills Pile Up at Banks
Each quarter banks report their worst-case estimates of costs tied to lawsuits and regulatory probes. Some banks reported lower figures in recent quarters, but others are braced to spend more to resolve legacy issues. New legal threats loom, too.

(Image: Fotolia)

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments:
Not Registered?
You must be registered to post a comment. Click here to register.
Already registered? Log in here
Please note you must now log in with your email address and password.


As Dodd-Frank's impact continues to be felt far beyond banks' compliance departments, American Banker is your eyes and ears. In addition to our award-winning coverage, we now also scour a range of resources to aggregate even more of the news you need on this vital topic.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.