Yesterday, the CFPB’s motion to dismiss was granted in State National Bank of Big Spring, Texas, et al. v. Lew, et al., the case filed in federal district court in Washington, D.C. that included a challenge to President Obama’s recess appointment of Richard Cordray and also alleged that the CFPB’s structure and authority violated the Constitution’s separation of powers.  In a 62-page opinion, Judge Ellen Huvelle agreed with the CFPB that the plaintiffs lacked standing to bring their claims. 

We will write more about the decision once we have an opportunity to study the opinion.