Appeals Court Rules CFPB Structure Unconstitutional

Federal three-judge panel rules CFPB’s structure is unconstitutional but rejects idea of shutting down agency

A federal appeals court delivered a strong rebuke to the government’s new consumer-finance watchdog, declaring the agency’s unusual independence to be unconstitutional, and ordering its powers be curbed.

The Tuesday ruling was the latest legal setback to the Obama administration’s post-crisis financial-regulatory regime.

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