Seila Law Leaves More Questions than Answers over the Constitutionality of Past CFPB Actions
On Monday, June 29, the Supreme Court ruled the structure of Consumer Financial Protection Bureau (CFPB) to be unconstitutional. In the 5-4 ruling, Chief Justice John Roberts delivered the majority opinion, arguing that “the structure of the CFPB violates the separation of powers,” but noting that “the CFPB Director’s removal protection is severable from the other statuary provisions bearing on the CFPB’s authority.” In non-legalese, this essentially means that the agency may continue to exist so long as the CFPB director is removable by the president at will.
July 2, 2020
