This story appeared in Bank Digest.
Senate Banking Committee Ranking Member Sherrod Brown (D-Ohio), House Financial Services Committee Ranking Member Maxine Waters (D-Calif), and a number of other current and former Democratic senators and representatives have filed an amicus brief with a federal appeals court in support of the Consumer Financial Protection Bureau's current structure as an independent agency. The CFPB was created by the Dodd-Frank Act and has a single director who is appointed by the president and can be removed only for cause.
In October 2016, a three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit ruled in PHH Corporation v. CFPB that the "for cause" removal provision for the bureau's director was unconstitutional, but that ruling was vacated in February 2017 when the D.C. Circuit Court granted the CFPB's request to rehear the case with the full panel of judges.
According to Brown's press release, the amicus brief outlines how Congress decided to design the CFPB as an independent agency with a single director to protect consumers' interests and respond quickly to changes in the marketplace, placing numerous checks on the director's powers to ensure accountability.