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Current CFPB structure is unconstitutional, commission needed

first_imgThe creation of a multi-member leadership commission at the Consumer Financial Protection Bureau (CFPB) would remedy the constitutional defect currently present at the agency, CUNA argued in a brief filed with the U.S. Supreme Court Monday. CUNA filed the brief in Seila Law v. CFPB, a case questioning the constitutionality of having a single director removable only by cause leading the CFPB.CUNA’s brief agrees with Seila Law and the CFPB that the single-director structure violates the separation of powers. The brief notes that the CFPB has the “broadest regulatory reach of any financial regulator,” and while the need for consumer protection in the U.S. remains,“CUNA agrees with Petitioner and the CFPB that Congress’s chosen design cannot withstand constitutional scrutiny because the statutory restriction on the President’s ability to remove the Bureau’s Director violates the separation of powers,” the brief reads. “To preserve the consumer-protection benefits that the CFPB provides, while remedying the unconstitutional power vested in3 the agency’s Director, CUNA advocates that the Court vacate the lower court’s decision and shift the responsibility for fixing the Bureau’s structure to the political branches.” continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more