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Updated: Friday, July 31, 2015

Appeals court gives green light to CFPB challengers

Score one for opponents of the federal Consumer Financial Protection Bureau. A U.S. Appeals Court in Washington, D.C., recently overturned a lower-court ruling that asserted a Texas bank lacked legal standing to challenge the constitutionality of the federal consumer watchdog agency's governance.

"Although this is a decision that is narrow in scope, it now allows the plaintiffs to litigate a significant issue that has been disputed since the creation of the CFPB – namely, whether the CFPB must be governed by a commission or board rather than one sole director," said Joe Lynyak, a partner in the international law firm Dorsey and Whitney.

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