The U.S. Supreme Court held that (i) the President of the United States can remove the Federal Housing Finance Agency director for any reason and (ii) the FHFA can continue to collect profits from Fannie Mae and Freddie Mac, for which it has served as a conservator since the 2008 financial crisis.
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The House of Representatives filed an amicus curiae brief urging the Supreme Court to reject a challenge to the constitutionality of the CFPB.
The DOJ filed an amicus curiae brief in response to a recent D.C. Circuit Court Order granting a rehearing in PHH Corporation v. Consumer Financial Protection Bureau. The DOJ argued that the President has the legal authority to remove the CFPB director at will.
The U.S. Court of Appeals for the District of Columbia vacated an original October 11, 2016 Opinion that found the structure of the Consumer Financial Protection Bureau to be unconstitutional.
The Consumer Financial Protection Bureau filed a petition with the D.C. Circuit Court of Appeals to review an October ruling that held the single director structure of the CFPB to be unconstitutional.