CFPB Wins What Could be a Hollow Victory

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Posted To: MND NewsWire

There was a partial win for the plaintiff in there somewhere, but the District of Columbia Circuit Court of Appeals reversed its earlier decision on Wednesday, and slapped back the premise behind the PHH Corp’s suit against the Consumer Finance Protection Bureau (CFPB). The decision, in part, ruled that the single director structure of the Bureau is constitutional, and that the President can only remove that director for cause. PHH had sued CFPB to recover a $109 million penalty the Bureau had levied against it for alleged misconduct. In October 2016, the same court, in a 2-1 vote, ruled the Bureau’s leadereship structure unconstitutional. It also vacated the fine, while saying the latter issue should be revisited. CFPB, as established by Congress via the Dodd-Frank Wall Street Reform and Consumer…(read more)

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