A U.S. appeals court on Thursday granted a request from the Consumer Financial Protection Bureau to reconsider an October ruling that allows the president to fire the CFPB director at will.
The U.S. Court of Appeals for the D.C. Circuit ruled that it would rehear the October ruling in PHH v. CFPB, which bolstered the long-running campaign by financial groups and Republicans to restructure the agency into a five-member bipartisan commission. The en banc hearing, in front of the full appeals court rather than a three-judge panel, gives the CFPB another chance to make the case that its structure is not unconstitutional.
The agency’s single-director structure has drawn criticism from Republicans and financial industry leaders.
Richard Hunt, president and chief executive of the Consumer Bankers Association, a group pushing for a commission structure, said in a statement that the decision “only creates further uncertainty regarding the constitutionality of the CFPB.” He called for Congress and the Trump administration to “move immediately to address this concern on behalf of consumers.”continue reading »