Back in October, Brett Kavanaugh, a judge on the U.S. Court of Appeals for the D.C. Circuit, wrote a 101-page majority ruling assailing the "massive, unchecked" power of the single director-led Consumer Financial Protection Bureau.
"Indeed, other than the president, the director of the CFPB is the single most powerful official in the entire United States government, at least when measured in terms of unilateral power," Kavanaugh wrote in PHH v. CFPB, declaring the structure of the Obama-era agency unconstitutional.
The ruling was a blow to the agency, but the sting didn't last long. The full D.C. Circuit, dashing the hopes of other financial-industry companies that wanted to use the ruling to benefit their lawsuits against the agency, agreed to rehear the case as a full court. Oral argument is set for May.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Mike Scarcella
Mike Scarcella is a senior editor in Washington on ALM Media's regulatory desk. Contact him at [email protected]. On Twitter: @MikeScarcella. Mike works on a slate of newsletters: Supreme Court Brief | Higher Law | Compliance Hot Spots | Labor of Law.
