D.C. Circuit Upholds CFPB’s Constitutionality: Why the PHH Case Underscores the Importance of Internal Agency Discipline
On January 31, the D.C. Circuit issued a plurality opinion confirming the constitutionality of the CFPB governance by a sole Director, while reinstating the decision below that struck down the CFPB’s $109 million disgorgement demand in the underlying dispute. Moving forward, the decision puts the spotlight on several important issues for those interested in the CFPB’s activities.