The Consumer Financial Protection Bureau is challenging an appeals court ruling in a lawsuit filed by PHH Mortgage Corp. that would enable the president to fire the agency’s director.
Last month, the U.S. Court of Appeals for the District of Columbia issued an opinion favorable to PHH and the mortgage industry that reined in the power of the powerful financial regulator.
Among other things, the court ruled that the bureau’s structure gives the CFPB’s director too much power and that the president should be able to fire the bureau’s director for any reason.
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