From: American Banker
WASHINGTON – Be careful what you wish for.
That’s the lesson for banks and other financial institutions that have long sought to win a check against the Consumer Financial Protection Bureau’s power after the U.S. Court of Appeals ruled Tuesday that its structure is unconstitutional.
Far from a victory for the industry, the court’s solution – allowing the president to dismiss a CFPB director for any reason – arguably makes the situation worse by putting the CFPB directly under the control of the White House. As a result, the CFPB is effectively no longer an independent agency.