New Lawsuit Attacks Constitutionality and Authority of the CFPB and FSOC

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The Competitive Enterprise Institute (CEI), one of the organizations that filed briefs supporting the recent challenge to the Affordable Care Act, has now brought a constitutional challenge seeking to block two major President Obama initiatives born out of the Dodd-Frank Act of 2010. CEI, a Washington, D.C. nonprofit, has joined forces with a small-town Texas bank and an advocacy organization for seniors to ask a federal court to find that the Consumer Financial Protection Board (CFPB) and Financial Stability Oversight Council (FSOC) violate the checks and balances system of the U.S. Constitution. They also contend that the recess appointment of Richard Cordray as CFPB Director was an unconstitutional evasion of the Senate confirmation prerogative.

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