The president has broad authority to dismiss the head of the Consumer Financial Protection Bureau, the Supreme Court ruled Monday in a 5-4 decision along ideological lines. The court’s narrow ruling in Selia Law v. Consumer Financial Protection Bureau is a short-term win for the financial industry that will nevertheless leave many consumer advocates breathing a sigh of relief. In the Selia Law case, a California law firm under investigation by the CFPB attacked the agency’s leadership structure. The agency’s supporters have preferred the for-cause benchmark because it makes it more difficult for a Republican president to remove an effective regulator. Current CFPB Director Kathy Kranninger, a Trump appointee, is widely viewed as a defender of the financial industry.

Source: Huffington Post June 29, 2020 14:28 UTC