Bloomberg’s Chris Bruce: U.S. Set to Signal Stance in Landmark CFPB Powers Case

Here. Excerpt:

A government brief in opposition to the CFPB [in the PHH case] likely would have significant weight at the D.C. Circuit, and would boost the odds that the Justice Department might block CFPB efforts to push the case to the U.S. Supreme Court later on.

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“In the longer term, an argument that the president can remove the CFPB director from office without cause, as the PHH panel decision held, would suggest that the president wishes either to fire Director Cordray without offering a cause, or at least to preserve his ability to do so,” Sovern told Bloomberg BNA. “Firing a director who has returned nearly $12 billion to nearly 30 million consumers would be difficult to square with the president’s pledge to aid ordinary Americans.”

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