The decision by three state attorneys generals to join a lawsuit challenging the constitutionality of the Dodd-Frank Act gives the suit a significant boost, improving its chances and broadening its scope, writes American Banker's Joe Adler.
"The fact that AGs are bringing it gives it more credibility than if it just came from a stand-alone bank in Texas," said Ralph "Chip" MacDonald 3rd of Jones Day.
State National Bank of Big Spring brought the suit challenging the existence of the Consumer Financial Protection Bureau. The AGs complaint takes issue with the legislation's orderly liquidation authority.
"The move was reminiscent of the state challenges to the health care overhaul, which eventually went all the way to the Supreme Court (and nearly succeeded)," writes Alder.
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