The Consumer Financial Protection Bureau, whose regulatory and enforcement mission faces a threat from the Donald Trump administration and Republicans in Congress, on Friday asked a federal appeals court in Washington to rehear a dispute over the constitutionality of the agency's power structure.
A three-judge panel of U.S. Court of Appeals for the D.C. Circuit in October struck down the structure of the CFPB, ruling that the agency placed "massive, unchecked power" in the hands of a single director. Writing for the panel, Judge Brett Kavanaugh prescribed a fix: allowing the president to remove the CFPB director at will, rather than only "for cause."
Richard Cordray has led the agency, created by the Dodd-Frank Wall Street reform law, since 2012. The U.S. Senate confirmed him in July 2013 for a five-year term.
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