Editor's Note: This article is authored by Joann Needleman, Ann E. Lemmo, Alexander R. Green and originally appeared as an Alert on ClarkHill.com. It isrepublished here with permission.
The Consumer Financial Protection Bureau (CFPB or Bureau) has been a federal agency like no other. Born out of the last financial crisis, the Dodd-Frank Act envisioned the CFPB to be an independent agency, free of “political influence”. Congress thus authorized the CFPB to be led by a single director – as opposed to a board of multiple members - who possessed significant rulemaking and enforcement over 19 consumer protection statutes as well as unfair, deceptive and abusive acts and practices. Its single director structure – only removable for “inefficiency, neglect of duty or malfeasance” – as well as its funding outside the appropriation process, that provoked strong opinions from industry and advocates alike.
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