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Credit unions, pay attention: The CFPB’s very existence may violate the U.S. Constitution. 

A U.S. Court of Appeals did not quite declare the CFPB unconstitutional, but in an April 12 hearing challenging a CFPB penalty leveled at PHH Mortgage, the court engaged in a line of questions that cast doubts on the constitutional basis for the CFPB. This not only surprised many observers but sets up a potentially explosive ruling that could significantly pare back the CFPB’s presence and authority in the regulatory arena.  

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