Trump administration asks Supreme Court to limit CFPB’s independence

The Trump administration is urging the U.S. Supreme Court to give the president more control over the Consumer Financial Protection Bureau, the agency that regulates mortgages and credit cards.

Asking the court to take up a pending appeal, Trump administration lawyers said the Constitution requires that the president be allowed to fire the agency’s director for any reason. The 2010 law that set up the CFPB says the agency’s director can be removed only for “inefficiency, neglect of duty, or malfeasance in office.”

The administration’s position increases the chances the court will take up the issue in the nine-month term that starts in October. A ruling would come by June, months before the 2020 presidential election.

View the September 17 article from Bloomberg on The Los Angeles Times website here.