CFPB Says Loan Relief Probe Can't Wait For Seila Decision

Law360 (January 14, 2020, 6:22 PM EST) -- The Consumer Financial Protection Bureau has refused to put an investigation of student loan relief company Equitable Acceptance Corp. on hold while the U.S. Supreme Court considers a constitutional challenge to the agency's structure.

The agency said that its administrative process for civil investigative demands is not the proper forum for raising or deciding constitutional challenges to provisions in the bureau's statute, including the provision at issue in Seila Law v. CFPB, a case that asks the justices to rule on whether a statutory restriction placed on the president's ability to remove the CFPB director violates the Constitution's separation of powers....

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