Court declares CFPB structure is constitutional

Putting an end to a long power struggle over the Consumer Financial Protection Bureau, the U.S. Court of Appeals for the District of Columbia Circuit upheld a ruling Wednesday declaring the CFPB’s structure is constitutional, and its director can be fired by the president for cause only, says The Washington Post. “The split decision by […]

Putting an end to a long power struggle over the Consumer Financial Protection Bureau, the U.S. Court of Appeals for the District of Columbia Circuit upheld a ruling Wednesday declaring the CFPB’s structure is constitutional, and its director can be fired by the president for cause only, says The Washington Post.

“The split decision by the U.S. Court of Appeals for the District of Columbia Circuit is a blow to the Trump administration, as well as longtime Republican and financial industry critics of the agency who have argued that the CFPB’s powers need to be reined in,” according to the article.

Richard Cordray, former director, is quoted as saying it was a great decision. Read the full article here.

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The League of Southeastern Credit Unions & Affiliates represents 342 credit unions in Alabama, Florida and Georgia, with a combined total of $118.63 billion in assets and more than 10.1 million members. LSCU & Affiliates provides legislative and regulatory advocacy; education and training; cooperative initiatives (including financial education outreach); public messaging; information services; and business solutions.

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