Not so fast: 2 groups tell court that CFPB's Cordray should stay

  • The authors of the legislation that created the CFPB and a group of consumer rights advocates filed two "friends of the court" briefings about the PHH/CFPB court battle.
  • On Oct. 11, a three-judge appeals court panel ruled in the case that the CFPB’s concentration of executive power in director Richard Cordray is unconstitutional.
  • The CFPB has asked all 11 appeals court justices to weigh in on the matter.
  • PHH and the Solicitor General must file responses to this request by Dec. 22.
  • The two "friends of the court" briefings were filed without invitation and support the CFPB's current structure.

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After the controversial decision that declared the Consumer Financial Protection Bureau’s (CFPB) single-director structure “unconstitutional,” the authors of the legislation that created the bureau and a group of consumer rights advocates have something to say about the matter.