Financial Services

Boyden Gray & Associates brought the first challenge to the constitutionality of the Consumer Financial Protection Bureau on behalf of State National Bank of Big Spring Texas, together with O’Melveny and the Competitive Enterprise Institute. After the district court dismissed the case for lack of standing, the firm prevailed in the United States Court of Appeals for the D.C. Circuit, which reversed the judgment of the district court and upheld the bank’s standing to sue. The firm represented the bank as an amicus curiae in PHH v. CFPB, in which a three-judge panel of the D.C. Circuit agreed that the CFPB’s design violates the constitutional separation of powers. The en banc D.C. Circuit vacated the panel decision in PHH and upheld the constitutionality of the CFPB. Similar constitutional challenges continue to arise in other circuit courts.



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