The CFPB must conduct detailed cost-benefit analyses of all rules and comply with other executive orders as a result of last week's appellate court decision that they agency was unconstitutional. This warning came from House Financial Services Chairman Jeb Hensarling on Wednesday.
Hensarling—an outspoken opponent of the CFPB—said the agency must comply with such orders when issuing any rules, including those governing arbitration agreements, payday, vehicle title and installment loans and debt collection.
A federal appeals court last week ruled the organization of the CFPB is unconstitutional since it is operated by a single person who is not answerable to anyone, but the court said that the agency may continue to operate.
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