This week, the U.S. Supreme Court decided Seila Law v. Consumer Financial Protection Bureau. In this case, a divided Court ruled that the narrow restrictions on the removal of the CFPB director are unconstitutional. The Court stopped there, rejecting a request by a California law firm to hold that, if the leadership structure is unconstitutional, the court should strike down the rest of the act creating the CFPB as well. You can read summaries of the decision at scotusblog and BallardSpahr.
Eric J. Ellman is Senior Vice President for Public Policy and Legal Affairs at the Consumer Data Industry Association (CDIA) in Washington, DC. He also served for eight months as Interim President and CEO of the Association. More