Deep Dive Episode 23 – En Banc D.C. Circuit Upholds CFPB Constitutionality

On Wednesday, January 31, the full United States Court of Appeals for the District of Columbia Circuit voted 7-3 to uphold the Consumer Financial Protection Bureau (CFPB) against a separation-of-powers challenge to its uniquely independent structure. The court’s majority opinion and the various concurring and dissenting opinions total 250 pages, and all were written in the shadow of the Supreme Court, which could soon be called on to clarify the constitutional law of independent agencies. Ambassador C. Boyden Gray and Boyden Gray & Associates Partner Adam Gustafson will deliver an update on the case and discuss whether it is likely to reach the Supreme Court of the United States.

Related Links:

• United States Court of Appeals for the District of Columbia Circuit: PHH v. CFPB
• RTP Paper: “Regulating in the Shadows: How Agencies Achieve Indirectly that Which they have No Authority to Achieve Directly”