A federal judge says the structure of the Consumer Financial Protection Bureau is unconstitutional.
U.S. District Judge Loretta Preska in Manhattan objected to the CFPB's setup as an independent agency with a single director who can be fired by the president only for cause, not at will.
In January, a federal appeals court in Washington said that structure is legal. Preska said she disagreed.
The immediate effect of the ruling appears to be limited. It means the CFPB can't be party to a lawsuit about a company accused of scamming 9/11 first responders. The New York attorney general, who was also a plaintiff, can move forward with the case.
But the judge's decision adds fodder to the political fight over the independence of the CFPB, which was established after the financial crisis to safeguard Americans against predatory financial institutions.
The CFPB declined to comment.
more:
http://money.cnn.com/2018/06/21/news/economy/cfpb-unconstitutional-federal-ruling/index.html
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