CFPB on its Own

The U.S. Court of Appeals denied requests by Democratic lawmakers and consumer groups to intervene in the PHH Corp. v CFPB case that could determine the fate of its director, American Banker reported. “The same panel ruled in October that the CFPB’s single-director structure was unconstitutional. … If the D.C. Circuit denies the CFPB’s appeal, a Justice Department under Attorney General-designate Jeff Sessions is unlikely to defend the CFPB before the Supreme Court.” Meanwhile, Sen. David Perdue (R-GA) introduced a resolution to scrap the CFPB’s new federal rule relating to prepaid accounts.

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