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Snapping losing streak, CFPB gets constitutional nod from appeals court

Joe Mont | January 31, 2018

Amid Republican led efforts to weaken its purview and scale back previously decided enforcement strategies, the Consumer Financial Protection Bureau has prevailed against a legal challenge to the constitutionality of its structure and political independence

An en banc ruling handed down on Wednesday by the U.S. Court of Appeals for the D.C. Circuit says the agency’s structure is indeed constitutional and that its director can only be removed by the president for inefficiency, neglect of duty or malfeasance in office. The 6-3 ruling released this week upends a 2-1 ruling in 2016 by a three-judge panel of the same court,

In 2015, the CFPB fined New Jersey mortgage services company PHH Corp. for alleged violations of the Real Estate Settlement Procedures Act. In a lawsuit challenging the $109 MILLION fine, PHH asserted that the agency had neither...

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