By a five to four vote, the U.S. Supreme Court ruled this morning in Seila Law that the CFPB’s single-director-removable-for-cause leadership structure violates the separation of powers in the U.S. Constitution. Seven of the justices agreed that the provision in Title X of the Dodd-Frank Act that gives the Director for-cause removal protection can be severed, thereby leaving the remainder of Title X in place.
The ruling consists of multiple opinions, running 105 pages in total. In addition to the majority opinion authored by Chief Justice Roberts, there is a dissent written by Justice Kagan and two other separate opinions.
We are currently reading and analyzing the various opinions and will be blogging again soon to share our reactions and thoughts.