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CFPB Says It Can Do Its Job Even If Its Structure Changes

Submitted by jhartgen@abi.org on

The Consumer Financial Protection Bureau on Friday pushed back against the Justice Department’s contention that its independent structure is unconstitutional, but said that it could still do its job even if a court orders structural changes, the Wall Street Journal reported. The consumer watchdog created under the Obama administration is stepping up its defense ahead of a federal appeals court hearing in May that could significantly transform its operations. Responding to the court’s request for a possible remedy if the agency’s structure is ruled unconstitutional, the CFPB said that if its structure is altered and the president gains the power to fire its director at will, it will still be able to function in the manner consistent with its original mission.