CFPB Structure Is Unconstitutional, Rules NY District Judge

Another Judge Says CFPB Structure Is Unconstitutional
– American Banker

Manatt’s Richard Gottlieb, co-chair of the firm’s financial services group, was quoted by American Banker for an article on a federal judge’s ruling that the Consumer Financial Protection Bureau’s structure is unconstitutional.

The publication explained that the judge’s ruling will have a limited effect, since it is not binding on other judges in the southern district or elsewhere and it does not affect two appellate decisions that have previously upheld the CFPB’s structure.

“There likely will be little support of the case in other courts that have upheld the constitutionality of the CFPB at the appellate level,” said Gottlieb.

Read the article here