Housing Wire: Stunner: Court of Appeals reverses earlier ruling, declares CFPD constitutional
Housing Wire, January 31, 2017: Stunner: Court of Appeals reverses earlier ruling, declares CFPD constitutional
In a stunning reversal of its previous decision, the full Court of Appeals for the District of Columbia Circuit ruled Wednesday that the Consumer Financial Protection Bureau is constitutionally structured.
The decision reverses the court’s October 2016 decision that declared the CFPB’s leadership structure unconstitutional by a 2-1 vote and vacated a $100 million fine levied by the CFPB against PHH Corp.
The court’s earlier decision declared the leadership structure of the CFPB to be unconstitutional, ruling that CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government.