Analysis

So The CFPB Says It Has A Constitutional Flaw. Now What?

Law360 (September 20, 2019, 9:51 PM EDT) -- The Consumer Financial Protection Bureau has announced that it doesn’t think its single-director independent structure is fully constitutional after all and wants the U.S. Supreme Court to take a look. But where does that leave the agency and the financial services providers it regulates?

In a brief filed Sept. 17, the CFPB joined with the U.S. Department of Justice in urging the high court to hear a case challenging the legitimacy of the CFPB’s structure, taking aim at a provision in the agency’s governing statute that prevents the U.S. president from firing the director of the CFPB except for cause....

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