In a development that could inject turmoil and chaos into the CFPB’s regulatory sphere of influence, a three-judge panel of the U.S. Court of Appeals for the D.C. Circuit has declared the three recess appointments President Barack Obama made to the National Labor Relations Board early last year to be unconstitutional. The judges said the appointments were illegitimate because the Senate was not actually in recess when they were made. “Considering the text, history and structure of the Constitution, these appointments were invalid from their inception,” the ruling stated. Here’s why this is...