November 2016 - End of the Road?

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64 | TH E M R EP O RT Final Thoughts Having been the topic of much scrutiny and criticism since its founding, the structure of the Consumer Financial Protection Bureau (CFPB) has ultimately been ruled unconstitutional, and the president now has the express power to remove the director. In PHH Corporation v. CFPB, U.S. Court of Appeals for the District of Columbia Judge Brett Kavanaugh ruled that the CFPB could continue operations, but "will do so as an executive agency akin to other executive agencies headed by a single person, such as the Department of Justice or the Department of the Treasury." Industry stakeholders either loved or hated the ruling—there was not much middle ground. FOR the CFPB ruling: "It's a bigger sweep than the Cleveland Indians beating the Red Sox in three games to none." LAURENCE PLATT, Partner, Washington, D.C.-based law firm Mayer Brown "[P]roper accountability for this rogue agency." SAM KAZMAN, General Counsel, Competitive Enterprise Institute ". . . an unchecked, independent director who answers to no one . . ." JIM NUSSLE, President and CEO, Credit Union National Association AGAINST the CFPB ruling: "It's no surprise that . . . conservative judges [have] made such an anti- consumer ruling." REP. MAXINE WATERS (D-California), Ranking Member of the House Financial Services Committee "Reckless, partisan decision . . . written to appease his cronies on Wall Street." KARL FRISCH, executive director of Washington, D.C.-based progressive issue advocacy organization Allied Progress "Will not dampen our efforts or affect our focus on the mission of the agency." MOIRA VAHEY, CFPB spokesperson

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