Banking Law

CFPB Constitutionality to Get Early March Supreme Court Hearing (1)

Nov. 27, 2019, 5:49 PM; Updated: Nov. 27, 2019, 7:39 PM

The U.S. Supreme Court will hear arguments in a heavyweight fight over the Consumer Financial Protection Bureau’s constitutionality in early March.

The Supreme Court said in a Nov. 26 scheduling order that oral arguments in Seila Law LLC v. CFPB will happen on March 3. The case, which will consider the CFPB’s single-director leadership structure with for-cause removal protection for the director, could have implications for other independent agencies like the Federal Housing Finance Agency (FHFA).

Seila Law, a California debt-collection law firm, is challenging a civil investigative demand that the CFPB sent to the firm. Seila argues that because...

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