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November 29, 2016
PHH ordered to respond to CFPB on constitutionality
The U.S. Court of Appeals for the D.C. Circuit last week ordered PHH Corporation to respond by Dec. 8 to the CFPB's petition appealing the court's initial finding in PHH Corporation v. CFPB that the bureau's structure is unconstitutional.
The court also invited the U.S. Solicitor General to file a response to the CFPB's petition; that response would likely occur before the new administration begins in January.
The CFPB is not permitted to file a reply unless ordered by the court.
CFPB, in its appeal, says the court's ruling would interfere with Congress's ability to create independent agencies led by a single director. It points to other independent agencies, including the Social Security Administration, the Federal Housing Finance Agency and Office of Special Counsel, to help make its case.
In its October ruling, the court said CFPB's structure is unconstitutional because it is headed by a single director who can be removed only for cause. NAFCU urged an immediate moratorium at the bureau on any rulemakings not already implemented.
If the court's decision is upheld, CFPB Director Richard Cordray could be replaced with a new director by President-elect Donald Trump before Cordray's term ends in 2018.
The court also invited the U.S. Solicitor General to file a response to the CFPB's petition; that response would likely occur before the new administration begins in January.
The CFPB is not permitted to file a reply unless ordered by the court.
CFPB, in its appeal, says the court's ruling would interfere with Congress's ability to create independent agencies led by a single director. It points to other independent agencies, including the Social Security Administration, the Federal Housing Finance Agency and Office of Special Counsel, to help make its case.
In its October ruling, the court said CFPB's structure is unconstitutional because it is headed by a single director who can be removed only for cause. NAFCU urged an immediate moratorium at the bureau on any rulemakings not already implemented.
If the court's decision is upheld, CFPB Director Richard Cordray could be replaced with a new director by President-elect Donald Trump before Cordray's term ends in 2018.
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