A federal three-judge panel ruled the structure of the Consumer Financial Protection Bureau is unconstitutional, but said the agency could continue to operate.
The agency’s structure gives too much power to its director, the panel said Wednesday. He or she can only be removed “for cause,” such as neglect of duty. That conflicts with the Constitution, the court said, which allows the president to remove executives for any reason.
"This split decision – which bizarrely relies on a mischaracterization of my original proposal for a new consumer agency – will likely be appealed and overturned, “ said U.S. Senator Elizabeth Warren, D-Mass.