Calif. Court Clears The Way For CFPB

Law360, New York (February 10, 2014, 5:56 PM EST) -- A federal court’s recent denial of a constitutional challenge to the structure of the Consumer Financial Protection Bureau cements the bureau's extraordinary influence over the financial services industry. On Jan. 10, 2014, the U.S. District Court for the Central District of California in Consumer Financial Protection Bureau v. Morgan Drexen Inc. rejected the argument that the CFPB’s structure violates the U.S. Constitution’s mandates regarding separation of powers. The Morgan Drexen decision marked the first time that a court squarely addressed the merits of a constitutional challenge...
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