11 States Now Part of Legal Challenge to Dodd-Frank

11 States Now Part of Legal Challenge to Dodd-Frank

A total of eleven state attorneys general are now part of the lawsuit that challenges the constitutionality of sections of the Dodd-Frank Act and the Consumer Financial Protection Bureau. The plaintiffs claim that the Act has no effective checks and balances, damages community banks and gives too much power to unelected officials.

The suit was originally filed in June 2012 in the U.S. District Court for the District of Columbia by three plaintiffs: the State National Bank of Big Spring in Texas, the 60 Plus Association and the Competitive Enterprise Institute. In September, the attorneys general of Michigan, South Carolina and Oklahoma joined the suit.

Now eight other state attorneys general are joining the suit. They are all Republicans. The states are Alabama, Georgia, Kansas, Montana, Nebraska, Ohio, Texas and West Virginia.

The defendants in the case include Federal Reserve Chairman Ben Bernanke, the U.S. Treasury and the CFPB. They have  asked for the case to be dismissed.

Capital One® Platinum Prestige Credit Card
View Offer

Capital One® Platinum Prestige Credit Card

Top Features: 0% Intro on Purchases and Balance Transfers until February 2016

Editor Rating:

Chase Slate®
View Offer

Chase Slate®

Top Features: 0% intro APR for 15 months plus no balance transfer fees within the first 60 days

Editor Rating:

Capital One® Quicksilver® Cash Rewards Credit Card
View Offer

Capital One® Quicksilver® Cash Rewards Credit Card

Top Features: 1.5% cash back on all purchases, 0% intro on purchases and balance transfers until August 2015

Editor Rating:

Barclaycard® Ring MasterCard®
View Offer

Barclaycard® Ring MasterCard®

Top Features: Low 8% (V) APR on purchases and balance transfers

Editor Rating:

Capital One® Venture® Rewards Credit Card
View Offer

Capital One® Venture® Rewards Credit Card

Top Features: Unlimited 2x miles on every purchase, every day

Editor Rating: