On its face, Tuesday's federal appeals court decision curtailing the authority of the Consumer Financial Protection Bureau director was a blow to an agency that had become a jewel of the Dodd-Frank financial reform law.
The U.S. Court of Appeals for the D.C. Circuit found too much power—with too little oversight—was vested in the agency's director, a ruling that will provide fodder to Republicans who have long wanted to erase the agency itself from Washington's regulatory landscape.
But the court's tailored decision, with what it called a "targeted remedy," could limit any aftershock for future enforcement. Indeed, the appeals court was insistent that the agency "will continue to operate and perform its many duties."
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