Will the Consumer Financial Protection Bureau Crumble?
April 26, 2016
A couple of recent court cases are challenging the unaccountable authority of the Consumer Financial Protection Bureau, created under Dodd-Frank. As noted in an NCPA publication released last fall, the Consumer Financial Protection Bureau is "Constitutionally dubious." The Bureau operates within the Federal Reserve System with a Director, currently former Ohio Attorney General Richard Cordray, who cannot be fired by the President except for cause. Furthermore, the CFPB is not subject to annual appropriations from Congress, meaning limited Congressional oversight. It seems that the only way to rein in its potential overreaches is through the courts.
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