An article written by partner Alex Malyshev and published in the Journal of Structured Finance addresses the June 29, 2020 US Supreme Court decision in Seila Law LLC v. Consumer Financial Protection Bureau (CFPB). This is a follow up article concerning the long-running constitutional challenge to the authority of the Consumer Financial Protections Bureau, which began in a prior case titled PHH Corp v. CFPB.
In this article, Alex discusses how the Supreme Court’s decision in Seila Law brings the case full circle in essentially re-instating the initial conclusion that the structure was unconstitutional, but holding that it was not necessary to scrap the entire agency since the structure could be remedied by making the CFPB director removable at will. Alex also discusses the implications of the decision.
The article can be viewed on the JSF’s website here.