CFPB | Obama’s Consumer Watchdog Gets Sued Over Recess Appointment

Obama’s consumer watchdog gets sued

A small Texas bank, together with two conservative advocacy groups, have filed suit against the Consumer Financial Protection Bureau, claiming that its powers and Obama’s recess appointment of its director are unconstitutional.

The State National Bank of Big Spring, Tex., the Competitive Enterprise Institute and the 60 Plus Association, a conservative advocacy group for seniors, claim that Dodd-Frank effectively gives “unbounded power to the CFPB,” resulting in “unprecedented violations of ‘the basic concept of separation of powers’ ” laid out in the Constitution.

The lawsuit also alleges that President Obama’s recess appointment of CFPB Director Richard Cordray was unconstitutional because it did not happen during an official Senate recess. Finally, it claims that the new Financial Stability Oversight Council is also unconstitutional for having “sweeping power and effectively unbridled discretion” to determine which banks are “too big to fail” and thus subject to greater oversight.

Rest here…

Copy of the suit below…

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4closureFraud.org

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Complaint

Comments
7 Responses to “CFPB | Obama’s Consumer Watchdog Gets Sued Over Recess Appointment”
  1. talktotennessee says:

    Just GOP rattling the election year sabers to try to discredit anything Obama does, which isn’t much. However, much ado about nothing actually. Republicans scream you need to send everything through Congress but then everything that goes through Congress gets absolutely nowhere and we all know that! Reminds me of children squabbling about who can make the other party look like they are doing nothing when neither party is doing anything constructive either to help the housing market or people.
    So will the banks win? With all their money and power and the Republicans backing them and the Super Pacs weighing in, tipping the elections, we may be looking at a one-sided future with the banks and Wall Street buying out both White House and Congress. Once the banks control all facets of government, it is a Plutocracy and the top heavy wealth will eventually self-destruct when they have depleted the public on which they preyed.

    • Bobbi Swann says:

      @TTT – I agree with everything you said. However, your statement that insinuates that the Repubs are backing the banks, as if that’s it, is not true. The banks have bought and paid for EACH AND EVERY POLITICIAN, no matter what the party affiliation. You see, we the people are stupid as we think only on party lines while the banks have no such thought process. They will buy anything that is ‘for sale’ and Obama and the Dems are both included. You get it? The banks have all the ends covered!!!! I was raised a Democrat but they spent too much. I have been a Republican for nearly 20 years but they tax too much. We need all new fresh faces in our gov’t . I am voting Independent and if need be, I will write in my vote for Ron Paul. It’s not the best, but it’s the least of all the evils!

    • david black says:

      please sign my petition to SECHUD Donovan of OBAMA’s cabinet to end mortgage discrmination from predatory loans of disabled veterans and our war vets from Afghanistan and Iraq.

      tp://www.change.org/petitions/homeowners-discrimination-petititions-to-us-federal-govt-hud-agency-for-bank-restitution

      thanks
      David Black

  2. Bobbi Swann says:

    Does Elijah Cummings know of this suit after he has sung his “praises” of the CFPB? Hwe should fire off one of his infamous letter to these banksters. But aha, wishful thinking, huh? I find it quite insulting that the banks are charging the bureau that their powers are unconstitutional but what the banks have been doing all along is CRIMMINAL…what’s that old saying: the kettle calling the pot black? is an idiom used to claim that a
    person is guilty of the very thing of which they accuse another. Enter laughing mouse….

  3. Banksters want to keep ruining wild they don’t want any kind of oversight and they will fight to kill it in any way possible wake up Amwerika

  4. Judith McDonald says:

    This is total bullshit by this Texas Bank “CEI” Again we will find out years later this is a set up and BIG BANKS are directly in charge of this bogus Bankster theft. Bank of America and Chase is the starting point.
    Look at RollingStone Matt Taibbi NEWEST piece.
    Goverment let’s start this again.THE BANKS are CROOKS.
    Just so tired of being pushed by Bank of America while I MUST WAIT for customer assistance group of the OCC.gov and they must wait to hear from Bank of America.
    I do not believe this little bank executes this bogus claim.

  5. Steve Johnson says:

    This is interesting, the word has been that the agency doesn’t have much power to help against predatory loan sharks and their patterns of greed, fraud and usury. This attack is motivated by the Banksters, who use their front groups to good effect. The recess appointment however, is entirely Constitutional.

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