A federal appeals court ruled today that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution's separation of powers mandate because the bureau's director cannot be fired by the president, even though he or she heads up an executive agency. The unusual arrangement was intended to insulate CFPB leadership from political pressure.
The bureau, which says it "respectfully disagrees with the court's decision," may consider an appeal. The ruling will not disrupt its current operations. AOC