The Supreme Court justices hearing oral arguments in the CFPB constitutionality case appeared divided, which means any sweeping change to the consumer watchdog is unlikely, according to industry attorneys.
A panel in the Fifth Circuit Court ruled the CFPB’s leadership structure is constitutional. Interestingly, the circuit court last year said the structure of the FHFA — which is similar to the CFPB — is unconstitutional.
Senate Democrats during a hearing last week questioned CFPB Director Kathy Kraninger on the bureau’s plans to help out borrowers impacted by the coronavirus.
The CFPB seeks legislation to establish a reward program for whistleblowers, who could be tipped up to $10 million for providing original information that leads to a successful enforcement action.
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