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In response to the recent court ruling that the CFPB's structure is unconstitutional, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, told CFPB Director Richard Cordray this week that the bureau must follow all executive orders governing executive agencies.

In a 2-1 ruling on Oct. 11, the U.S. Court of Appeals for the D.C. Circuit said the CFPB's structure is unconstitutional because it is headed by a single director rather than a multi-member board. The court did not shut down the bureau; instead, it is allowing the CFPB to operate as a regular executive agency for the time being, which gives the president the power to remove and supervise the director.

Hensarling noted that several executive orders governing the rulemaking activities of executive agencies have been issued by President Barack Obama and previous presidents.

"Because some of these executive orders were advisory rather than mandatory for independent regulatory agencies, you and your staff may have been previously under the mistaken impression that these orders did not apply to the CFPB," Hensarling wrote in a letter to Cordray. "However, the PHH decision makes it clear that the Constitution requires that the CFPB be treated as an executive agency."

Hensarling detailed several executive orders that now apply to the bureau, issued by Obama and President Bill Clinton. He also asked for written assurance by Oct. 26 that the bureau will comply with the orders prior to any future rulemaking activity.