The holidays came early for financial institutions when the Supreme Court agreed to hear a challenge to the constitutionality of the CFPB. We can expect fireworks in the New Year as two experienced Supreme Court practitioners square off on whether the Dodd-Frank “for cause” provision is unconstitutional and, if so, whether it can be severed. We have some insight into what Justice Kavanaugh thinks; but can he convince four of his fellow Justices?
It’s too soon to let visions of a world without the CFPB dance in your head. It’s also too soon to tell whether the Supreme Court will create the authority to fire the director at will just in time for a new Democratic administration to fire the current Director and put its own mark on the agency. More to look forward to in the New Year.
For now, before you settle down for a long winter’s nap, on Beltway, on Mortgage, on Privacy, on Fintech; on Arbitration, on Bureau, on TCPA, on BSA/AML! And with a nod (up the chimney) to Clement Moore: Happy holidays to all and to all a good night!
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