The CFPB is appealing an October appellate court decision thatfound the structure of the agency unconstitutional because it isgoverned by a single director who can only be removed by thepresident for cause.

The agency on Nov. 18 asked the U.S. Court of Appeals for theDistrict of Columbia to take up the case. A panel of the courtruled the agency's structure unconstitutionalon Oct. 11. The new appeal asks the full appellate court toconsider the ruling.

“A panel of this Court has rendered a dramatic and unprecedentedruling that purports to override Congress's explicit determinationto create an 'independent bureau' to exercise regulatory and lawenforcement in a segment of the economy,” agency attorneys statedin the appeal.

Continue Reading for Free

Register and gain access to:

  • Breaking credit union news and analysis, on-site and via our newsletters and custom alerts.
  • Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders.
  • Educational webcasts, white papers, and ebooks from industry thought leaders.
  • Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.