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Ruling On CFPB Could Upend Controversial Net Worth Sweep

Law360, New York (April 14, 2017, 12:55 PM EDT) -- A court challenge to the constitutionality of the Consumer Financial Protection Bureau could have significant ramifications for another government agency, the Federal Housing Finance Agency (FHFA), and a controversial policy that is at the center of a number of lawsuits.

In March, the Justice Department filed a brief in the federal Court of Appeals for the District of Columbia Circuit admitting that the CFPB’s structure is unconstitutional. In the case before the D.C. Circuit, PHH Mortgage challenged actions taken by the CFPB in part because the agency’s “for cause” protection of its director violates the principle of separation of powers. Essentially,...

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