CFPB Structure Ruled Unconstitutional By NY Judge

Law360 (June 21, 2018, 1:16 PM EDT) -- A New York federal judge has found the Consumer Financial Protection Bureau to be unconstitutionally structured, saying in a ruling Thursday that she disagrees with the D.C. Circuit's holding to the contrary from earlier this year and isn't bound by it.

U.S. District Judge Loretta A. Preska reached her finding as part of her decision to axe the CFPB from a suit it brought jointly last year with New York's then-Attorney General Eric Schneiderman accusing RD Legal, a New Jersey-based settlement advance firm, of scamming 9/11 first responders and NFL retirees with high-cost loans.

Rejecting the D.C. Circuit majority's January conclusion...

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