The court will be hearing the case of a California law firm that refused to cooperate with a CFPB investigation, arguing the bureau’s leadership structure is unconstitutional.
by Warren, written when she was a Harvard law professor, was the guiding force behind what became the CFPB in the wake of a global financial crisis. But the bureau was controversial from the start with Republicans calling for changes to its structure. It should be run by a five-member commission rather than a single director, they argued, and be funded through Congress rather than the Federal Reserve, giving lawmakers more oversight power.
Cordray’s book is largely a love letter to an agency he helped establish , but also gives new insight into some of its most controversial moments.Wells Fargo, the embattled San Francisco bank, initially tried to “stonewall” an investigation by the Los Angeles city attorney of whether its employees were improperly opening accounts customers didn’t want, according to “Watchdog.” Wells Fargo tried to “tie [the city] up in protracted discovery, which is a classic defense strategy in difficult cases.
The CFPB is “an agency like no other,” according to a motion filed by Seila. “Headed by a single director who does not answer to the President, the CFPB exercises vast executive power against private parties.”The bureau’s defenders say its independent structure shields it from inappropriate political pressure, which is particularly important, given the power the financial industry can wield in Washington.
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