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Jan. 31, 2018, 11:10 a.m. EST

Appeals court finds CFPB structure constitutional

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By Andrea Riquier

The head of the Consumer Financial Protection Bureau can only be replaced for cause, a U.S. appeals court said Wednesday. An earlier ruling in a case brought by mortgage company PHH Inc. had called the agency's structure unconstitutional, and found that the director had too much control. But the DC Circuit Court of Appeals found that Congress had created the agency and established the director position with such political considerations in mind. The CFPB became a political football late last year when then-head Richard Cordray resigned to run for governor of Ohio and the Trump administration installed White House budget director Mick Mulvaney as acting head.

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