Financial Services Committee Hears Arguments to “Restructure CFPB”


Posted To: MND NewsWire

The House Financial Services Committee (FSC) held a hearing on Tuesday into the constitutionality of the structure of the Consumer Financial Protection Bureau (CFPB). The hearing arose in part from a pending case, PHH Corp. v. CFPB , in which that constitutionality is one of the principal issues. The DC District court recently ruled in favor of PHH but CFPB has been granted a rehearing. The Justice Department has opposed that action and has sided with PHH against the Bureau. The committee’s first witness was Theodore B. Olson Partner, Gibson, Dunn & Crutcher LLP and Former Solicitor General of the United States. Olson is also lead counsel for PHH in the pending suit. He said the creation, by the Dodd-Frank Act in 2010, of the CFPB “is the product of cherry-picking some the most democratically…(read more)

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