This story appeared in Bank Digest.
House Financial Services Committee Ranking Member Maxine Waters (D-Calif) and 20 other Democratic current and former members of Congress have filed an amicus brief with the U.S. Court of Appeals for the District of Columbia Circuit in support of the Consumer Financial Protection Bureau's petition to have the entire court revisit an earlier decision by a three-judge panel that struck down the bureau's structure. The earlier ruling was made in October in the case of PHH Corporation, et al. v. Consumer Financial Protection Bureau.
The brief highlights the reasons Congress decided to structure the CFPB with a single director removable for cause under the Dodd-Frank Act and details the reasons the current and former members of Congress believe the October decision is at odds with the text of the Constitution and Supreme Court precedent.