The U.S. Supreme Court may have settled questions about the Consumer Financial Protection Bureau’s future, but it may have opened up even more questions about the agency’s past actions.
The 5-4 decision in Seila Law v. CFPB cleared up constitutional questions that have been hanging over the bureau since its creation by the 2010 Dodd-Frank Act by removing termination protections for the CFPB director and making the position an at-will employee of the president. What’s less certain is the validity of CFPB actions taken under the old leadership structure— a protected director leading an independently funded agency— which the high ...