Yesterday’s Supreme Court decision has far-reaching and immediate impact on pending actions by the CFPB and, by inference, on the FHFA, and perhaps even on the OCC, FRB, FDIC, CFTC, and SEC. Indeed, the case bears on the entire construct of post-crisis regulation should Joe Biden win the White House and use this decision to challenge at least some Trump Administration financial regulatory hold-overs. The Court decision does not go as far as agency critics initially hoped, ruling against an effort to deem the CFPB unconstitutional in its construct in part on grounds that the Dodd-Frank Act permits the Court to sever consideration of the agency from that of its director.
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