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Democrats defend CFPB’s constitutionality in legal brief

Joe Mont | April 12, 2017

As Republicans escalate their attack on the Consumer Financial Protection Bureau, with hopes that a forthcoming judicial ruling will declare the agency’s structure unconstitutional, the opposition party is not sitting idly by.

Senate Democrats, including Sen. Sherrod Brown (D-Ohio), ranking member of the Senate Banking Committee, have filed an amicus brief with a federal appeals court in support of the CFPB’s current structure as an independent agency.

The brief outlines how Congress decided after the 2008 financial crisis to design the CFPB as an independent agency with a single director to protect consumers’ interests and respond quickly to changes in the marketplace. It also emphasizes, although many Republicans would disagree, that Congress placed numerous checks on the director’s powers to ensure accountability.

“Congress created the CFPB to serve as a strong, independent cop on the beat to protect consumers from the kind of financial fraud and abuse that... To get the full story, subscribe now.