NY Ruling Could Fuel Push To Turn CFPB Into Commission
Law360 (June 25, 2018, 9:03 PM EDT) -- A Manhattan federal judge’s recent ruling that the Consumer Financial Protection Bureau is structured unconstitutionally could strengthen the hand of those who want to convert the agency's leadership from a single director to a bipartisan commission, experts said.
U.S. District Judge Loretta A. Preska on Thursday became one of only a handful of judges to find the CFPB’s lone-director structure unconstitutional. Judge Preska said she largely agreed with the reasoning of Circuit Judge Brett Kavanaugh, one of the D.C. Circuit judges who dissented from the appeals court’s January en banc ruling that found the agency’s design passed constitutional muster.
Financial services attorneys who...
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