Supreme Court Rules That the CFPB Director Must Be Removable at Will
By EsqSocial Corporation 01/07/20
The U.S. Supreme Court ruled on June 29 that the Director of the Consumer Financial Protection Bureau (CFPB) cannot constitutionally be subject to removal only for cause, as provided by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act), but must instead be removable at the President’s will. Seila Law LLC v. CFPB, No. 19-7 (U.S. June 29, 2020), arose from a constitutional challenge to the CFPB’s authority to issue a civil investigative demand (CID) for...<BR />By: <a href="https://www.jdsupra.com/profile/Saul_Ewing/">Saul Ewing Arnstein & Lehr LLP</a>