bad day for cordray

Adam Fagen

Appeals Court Calls CFPB Structure Unconstitutional; Throws Out $109M Penalty Over Alleged Mortgage Kickbacks

Since its creation as part of the sweeping financial reforms of 2010, the Consumer Financial Protection Bureau has, through settlements and enforcement actions, returned billions of dollars to Americans who were wronged by financial institutions. But consumer advocates say a new ruling from a federal appeals court threatens to undercut the Bureau’s independence and its ability to hold banks, credit card companies, mortgage lenders, and others accountable. [More]