Although it took more than eight months for the ruling to be issued, the D.C. Circuit Court of Appeals’ en banc finding that the Consumer Financial Protection Bureau (CFPB) is constitutionally structured was hardly a surprise.
Talking with Mayer Brown Partner Phillip Schulman following the oral arguments in May 2017, Schulman told RESPA News he did not think the court would find the CFPB’s single-director, removable-only-for-cause structure to be unconstitutional, let alone find the CFPB to be unconstitutional in its entirety, as PHH Corp. argued.
In a majority opinion written by Judge Nina Pillard, the full appellate court did as Schulman expected. Read on for more of its ruling, and why the en banc panel did not agree that the CFPB director held more power than any government official other than the president.
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