HousingWire-
In a stunning reversal of its previous decision, the full Court of Appeals for the District of Columbia Circuit ruled Wednesday that the Consumer Financial Protection Bureau is constitutionally structured.
The decision reverses the court’s October 2016 decision that declared the CFPB’s leadership structure unconstitutional by a 2-1 vote and vacated a $100 million fine levied by the CFPB against PHH Corp.
“None of the theories advanced by PHH supports its claim that the CFPB is different in kind from the other independent agencies and, in particular, traditional independent financial regulators,” the court’s ruling states.