High Court’s CFPB Ruling May Leave Other Agencies Exposed

  • Source: Law360.com

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Article Highlights:

The U.S. Supreme Court ruled on Monday that the Consumer Financial Protection Bureau’s (CFPB) structure was unconstitutional with the tenure protection given to the CFPB’s director through the Dodd-Frank Act.  However, instead of striking down the CFPB, the ruling declared that the constitutional flaw could be corrected by eliminating the “for-cause” removal restriction in favor of presidential removal “at will”.

Attorneys told Law360 that “other federal regulatory bodies whose leaders are shielded from at-will removal by the president” may be challenged. These may include the following entities:

  • Federal Trade Commission
  • Federal Housing Finance Agency (the regulatory agency for Fannie Mae and Freddie Mac)
  • Federal Reserve
  • Commodity Futures Trading Commission
  • U.S. Securities and Exchange Commission

Author

Ellen Rose

Ellen Rose is a Senior Director with Treliant. She is a seasoned financial services professional with executive experience in all facets of commercial and residential mortgage banking. Ellen has over 30 years of industry experience in directing originations, secondary marketing, servicing, support, and vendor activities. With a focus on compliance,…