A Texas bank, 11 state attorneys general and a libertarian group are planning to continue their legal fight to overturn several sections of the Dodd-Frank Act.
The challengers claim that the Dodd-Frank Act harmed State National Bank of Big Spring because it had to spend thousands of dollars to comply with the
A U.S. District Court in Washington rejected the plaintiff's claims.
"The district court's opinion is deeply flawed,” said Boyden Gray, lead counsel for State National Bank. This community bank has “served its community for generations, and it is disturbing that the opinion—and the government—ignored the very real harm Dodd-Frank has inflicted on it and the customers who rely on the bank to provide loans for everything from their home to their small business,” he said.
The Competitive Enterprise Institute said the judge erred in dismissing their lawsuit challenging the constitutionality of the Dodd-Frank Act and CFPB.
“Judge Ellen Huvelle ruled that community banks have not suffered legally redressable injuries from Dodd-Frank's enshrinement of too-big-to-fail and thousands of pages of rules that cost dollars and man hours,” said CEI financial policy expert John Berlau. “We respectfully disagree, as does much of the American public, and will appeal."
