Congress Holding Hearing on CFPB Constitutionality

Posted To: MND NewsWire

The House Financial Services Committee has scheduled a hearing on March 21 titled “The Bureau of Consumer Financial Protection’s (CFPB’s) Unconstitutional Design.” The hearing comes on the heels of a decision by the Department of Justice to not defend the Bureau in a landmark case brought to PHH challenging the constitutionality of CFPB’s structure. The Committee’s majority memorandum states, “This hearing will examine whether the structure of the Bureau of Consumer Financial Protection (“Bureau”) violates the Constitution as well as structural changes to the Bureau to resolve any constitutional infirmities. As established by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. No. 111-203) (“Dodd-Frank”), the Bureau is headed by a single Director who serves a term of five…(read more)

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Source: Mortgage News Daily

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