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CFPB Ruled Unconstitutional in Current Form
Appeals Court stacked with repuke judges also lets mortgage company off the hook for huge fine and opens the door to potential appeals on previously closed cases. Ted Olson won the appeal for PHH Corp.
http://www.huffingtonpost.com/entry/cfpb-unconstitutional_us_57a3bc70e4b021fd98781ff7?section=&|
A federal appeals panel ruled on Tuesday that the structure of the Consumer Financial Protection Bureau, the Wall Street watchdog conceived by Sen. Elizabeth Warren (D-Mass.), is unconstitutional.
Rather than disband the CFPB entirely, the United States Court of Appeals for the D.C. Circuit ruled that the agency will now function under direct oversight of the president, who will have the power to fire the agency’s director at will.
A tribunal of judges on the court ruled that the CFPB’s structure violates the separation of powers specified by the Constitution. The case was brought by PHH Corp., a mortgage services firm fighting a $109 million fine levied by the agency. The court’s decision also does away with PHH’s fine.
The decision, if it stands, would likely weaken the CFPB’s effectiveness by subjecting it to the political whims of a less hospitable White House some time in the future.
Rather than disband the CFPB entirely, the United States Court of Appeals for the D.C. Circuit ruled that the agency will now function under direct oversight of the president, who will have the power to fire the agency’s director at will.
A tribunal of judges on the court ruled that the CFPB’s structure violates the separation of powers specified by the Constitution. The case was brought by PHH Corp., a mortgage services firm fighting a $109 million fine levied by the agency. The court’s decision also does away with PHH’s fine.
The decision, if it stands, would likely weaken the CFPB’s effectiveness by subjecting it to the political whims of a less hospitable White House some time in the future.
more info on the case form April:
http://www.huffingtonpost.com/entry/cfpb-federal-court-challenge_us_570d70e3e4b08a2d32b842b7
This is the less government win. Removing regulations that hinder crooked companies from their assault on American citizens.
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