A decision in the case is likely by the end of June, meaning that the fate of the regulator will be announced in the middle of the 2020 presidential campaign.
That could be particularly significant for Sen. Elizabeth Warren, a consumer advocate whose role in creating the agency has formed a central pillar of her presidential bid.
Unlike the heads of many other federal agencies, the president may only remove the director of the CFPB "for inefficiency, neglect of duty, or malfeasance in office." Given the CFPB's broad law enforcement powers, that independence is unconstitutional, Seila Law has argued in court papers. It is possible that a ruling against the CFPB would maintain the agency but only on the condition that its director, who serves a five-year term, can be removed at the pleasure of the president. If Trumo loses his re-election bid in 2020, that would mean that a Democrat will be able to replace Trump's current appointee, CFPB director Kathy Kraninger, when they take office.
But, he said, given Humphrey's Executor and a later case which re-affirmed the ruling, the CFPB was constitutional.Under President Donald Trump, the CFPB has already dramatically pared back its role as a financial watchdog. Apublished by the Consumer Federation of America earlier this year found that the agency had dropped enforcement activity 80% compared to its peak in 2015. Average monetary relief, the report found, was down 96%.
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