The issue of the CFPB’s constitutionality is currently before the Fifth Circuit in the interlocutory appeal of All American Check Cashing from the district court’s ruling upholding the CFPB’s constitutionality.  Oral argument was held in March 2019 and no decision has yet been issued.

At oral argument, the panel asked the parties whether it should

The en banc Fifth Circuit has ruled in Collins v. Mnuchin that the FHFA is unconstitutionally structured because it is excessively insulated from Executive Branch oversight and that the appropriate remedy for the constitutional violation is to sever the provision of the Housing and Economic Recovery Act of 2008 (HERA) that only allows the President

Appearing before the House Financial Services Committee yesterday at a hearing entitled “The Annual Report of the Financial Stability Oversight Council”  (FSOC), Treasury Secretary Mnuchin indicated that he intends to discuss the CFPB’s handling of its investigation of Equifax’s massive 2017 data breach with the FSOC.

We blogged yesterday about Reuters’ report that

On July 31, I published a blog post in which I suggested that, if Director Cordray resigns, Treasury Secretary Mnuchin would be the obvious and logical person to serve as CFPB Acting Director until President Trump nominates, and the Senate confirms, Director Cordray’s successor.  I stated that the President clearly has the authority to appoint