The Supreme Court is poised to decide the fate of the Consumer Financial Protection Bureau's leadership structure, but the implications could reach far beyond the bureau.
Fed makes emergency cut, JPMorgan tests contingency plan; the justices appeared divided on whether to give the president power to fire the agency’s director.
The court’s liberal bloc and Chief Justice John Roberts, who holds a crucial swing vote, appeared reluctant to remove a contentious provision that limits a president’s ability to fire a sitting director of the bureau.
Democratic lawmakers, state attorneys general and others filed briefs with the Supreme Court rebutting claims that the agency’s leadership structure is unconstitutional.
The case before the court deals mainly with a statutory clause limiting the president’s ability to fire a CFPB director. But briefs filed with the court say striking that provision does not fully solve the bureau’s constitutional problems.
An appeals court on Thursday denied bank groups an en banc hearing from all 11 appellate judges, but bankers said Friday that they're considering turning to the Supreme Court.
The high court scheduled oral arguments on March 3 in the lawsuit dealing with a president's ability to fire the head of the Consumer Financial Protection Bureau.
