Court declares CFPB structure is constitutional
Putting an end to a long power struggle over the Consumer Financial Protection Bureau, the U.S. Court of Appeals for the District of Columbia Circuit upheld a ruling Wednesday declaring the CFPB’s structure is constitutional, and its director can be fired by the president for cause only, says The Washington Post.
“The split decision by the U.S. Court of Appeals for the District of Columbia Circuit is a blow to the Trump administration, as well as longtime Republican and financial industry critics of the agency who have argued that the CFPB’s powers need to be reined in,” according to the article.
Richard Cordray, former director, is quoted as saying it was a great decision. Read the full article here.