In The News

Constitutionality of CFPB in Limbo

RESPA News

17 Jan 2019

In the RESPA News article “Constitutionality of CFPB in Limbo,” Morrison & Foerster of counsel Kathleen “Kitty” Ryan discusses the U.S. Supreme Court’s decision not to hear a lawsuit, State National Bank of Big Spring v. Mnuchin, that challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB).

Ms. Ryan told RESPA News that it is hard to say for certain whether the high court will take any of the other cases contesting the constitutionality of the CFPB. She noted that State National Bank focused on the combination of the bureau’s single-director structure versus a commission and the president’s inability to remove the director without cause. In addition, because State National Bank arose under former Director Richard Cordray, the significance of that case changed given the recent confirmation of “permanent” Director Kathy Kraninger.

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