Court to Rehear Case on CFPB's Constitutionality

Rep. Ratcliffe Introduces Bill on Consumer Financial Protection Act of 2010

The order vacates the earlier decision from October, which means that (under the law as written) President Trump can only remove director Richard Cordray for cause - defined as "inefficiency, neglect of duty, or malfeasance in office" - as opposed to at will. But the ruling stopped short of approving the company's legal demand for a full shutdown of the regulator created under Dodd-Frank Act safeguards following the national financial crisis. Two of the judges then went a step further, deciding that Cordray's solitary leadership of the agency and his insulation from being fired for anything but cause endowed him with too much power and not enough accountability.

The director's future has been uncertain ever since Trump's surprise win in November.

Please call or write to your U.S Senators and Congressmen and ask them to stand up and defend the CFPB and Director Cordray from these attacks.

The CFPB fought that ruling, asking the court to rehear the case en banc, meaning that it wanted the entire court to hear the case, rather than the three judges who ruled on the case in October.

Can the court decide the case without weighing on the question of constitutionality?

On Jan. 23, 16 state attorneys general petitioned the court for permission to intervene in the case. The members of such commissions normally are split between the political parties.

Also weighing in on behalf of the CFPB are Americans for Financial Reform, the Consumer Federation of America, the U.S. Public Interest Research Group and one of the bureau's biggest proponents, Democratic Senator Elizabeth Warren of MA. "The CFPB's independence from Wall Street and predatory lender special interests, and its effective leadership structure, are vital to the Bureau's ability to police the industry and protect consumers", said Lisa Donner, executive director of Americans for Financial Reform. CFPB determined those payments were part of an illegal kickback scheme.

The fight ended, or so it appeared, with the CFPB's leadership structure being declared unconstitutional by the U.S. Court of Appeals for the District of Columbia Circuit in a 2-1 vote.

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