In a Surprise Ruling, Appeals Court Says CFPB Structure IS Constitutional

The long-awaited decision has just come from the United States Court of Appeals for the District of Columbia Circuit in the case of PHH Corp. v. Consumer Financial Protection Bureau (CFPB).  The full court's vote to overturn the 2016 three-judge decision preserves the structure of the CFPB as laid out in Dodd-Frank. 

The Court granted "en banc" (by the full court) review to re-consider whether the federal statute providing the Director of the CFPB with a five-year term in office, subject to removal by the President only for “inefficiency, neglect of duty, or malfeasance in office,” is consistent with Article II of the Constitution.

You can download the full 250-page decision here.

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