Will The CFPB Survive The Challenge To Its Constitutionality?

LexisNexis (March 10, 2020, 10:14 AM EDT) -- From even before its creation, the Consumer Financial Protection Bureau, with its single, all-powerful director who the President can only remove for cause, has been controversial. See July 2010 Clarks’ Secured Transactions Monthly, “Special Report: Powerful Consumer Protection Bureau Is Centerpiece of New Financial Reform Law.” Despite longstanding concerns about the CFPB, it was not until October 18th of last year that the Supreme Court had the opportunity to grant a certiorari petition challenging the CFPB’s constitutionality. Unfortunately, it is far from certain whether that case, Seila Law LLC v. Consumer Financial Protection Bureau, will actually result in a ruling on the constitutionality of the CFPB’s structure. Come March 3, when the Court hears oral argument, we should have some insight into whether the Court will reach the merits of the Seila Law challenge or save consideration of the CFPB’s constitutionality for another day....