June 21, 2012

“BREAKING: Texas bank launches constitutional challenge to Dodd-Frank financial reform law”


At any rate, God Bless Texas. Except for Austin. Naturally.

Posted by Jeff G. @ 11:53am

Comments (15)

  1. Two things: A) I’m amused that it’s a community state national bank, and 2) should this action fail, I would encourage this and other banks like it to ask, “How many divisions does Dick Cordray have?”

  2. Don’t worry about Austin. We’re building art museums that no one will visit,turning the major tax payer funded streets into roll roads, charging grocery store customters $.25 a plastic bag with an aim to ban them from grocery stores in two years , and best of all, instead of expanding energy production and water treatment we are telling the residents to use less water and power throughout the summer.

    Expect Kyle, Buda, Round Rock, San Marcos, Georgetown, Elgin, Bastrop, and surrounding communities to grow like holy fuck after a few more years of this nonsense.

  3. Sorry, “roll roads” should read “toll roads.” oh I forgot to mention that we are making the city friendlier for bikes (and thus suckier for cars and trucks). Y’know, because bikes are the ones that pay for the roads n’ shit.

  4. palaeo, I was in Austin for the first time earlier this month. I noticed the back route the shuttle took in from the airport was a bit skeevy. The rest of the town looked like San Antonio sans Alamo and River Walk.
    But the outdoor music in town was great.

  5. Y’know, because bikes are the ones that pay for the roads n’ shit.

    I actually don’t mind bike lanes, they’re a traffic menace otherwise, but your point is a pet peeve of mine. Why don’t bicycles have to be licensed to pay for their lanes?

  6. powerline paul

    The lawsuit’s major claim is that the formation and operation of the Consumer Financial Protection Bureau (CFPB) violates the constitution because its director (or czar) is not accountable to Congress or the President, and the decisions of the agency are not even subject to judicial review. The CFPB escapes meaningful congressional oversight because its budget – some $400 million – comes from the Federal Reserve. As for the president, he cannot overrule actions taken by the CFPB, and can only remove the director “for cause,” e.g., inefficiency, neglect of duties, or malfeasance, not disagreement over substance. Finally judicial review is limited because courts are required by the legislation to defer to the CFPB regarding the meaning or interpretation of any provision of federal consumer financial law.

    These features of Dodd-Frank raise obvious concerns about separation of powers and checks and balances, i.e., accountability. The plaintiffs point out that Dodd-Frank grants the CFPB sweeping authority over consumer financial product and services firms. For example, the CFPB has the open-ended power to determine which lending practices are “unfair,” “deceitful,” or “abusive” under the Act. It can also unilaterally exempt any class of covered persons from rules it promulgates.

    Dodd-Frank also grants the CFPB aggressive investigative and enforcement powers. It can issue subpoenas, conduct hearings and adjudicative proceedings, and file lawsuits.

    Because, as noted above, the CFPB can exercise these regulatory, investigative, and enforcement powers free from checks and balances, the lawsuit alleges that its formation and operation is unconstitutional.


  7. Bike lanes seem kind of unsporting, like shooting fish in a barrel.

  8. there’s bike lanes and then there’s taking a perfectly useful lane away from real people to give to bikes, which is usually almost always stupid especially when you live in a highly-congested city with third world infrastructure

  9. ” we should pay for mo’ bike gangs with dat co2 tax” barack “smiley face” obama

  10. Pingback: Texas Bank Files Suit Challenging Dodd-Frank | The Lonely Conservative

  11. Speaking of bike lanes. 2 of the four people in the article are relatives.

  12. Two of the 4 people in the article are relatives.

    One couple is from CO, the other from GA. I’m going to assume that it’s the GA couple who’re related, though I’m willing to be surprised.

    Or maybe Cathy and Donna are sisters? Naw, I’m sticking with the cousin-humper theory for now.

  13. Nah, Cathy and Myron are my sister and brother in law. Hike of ride though, Miami to Maine.

  14. Heck of a …

  15. Pretty cool, BT. Thanks for sharing.