https://www.cnn.com/2020/06/29/politics/cfpb-supreme-court-ruling/index.htmlCongress established the CFPB in the wake of the 2008 financial crisis with a mandate that it would be led by a single director, serving a five-year term, who could only be removed by the President for "inefficiency, neglect of duty or malfeasance.
In a 5-4 decision, the court struck down the single-member director structure, but a 7-2 majority held that the single-member provision can be severed from the rest of the statute creating CFPB, allowing the work of the agency to continue.
"The CFPB Director has no boss, peers, or voters to report to. Yet the Director wields vast rulemaking, enforcement, and adjudicatory authority over a significant portion of the US economy," Chief Justice John Roberts wrote in the court's opinion. "The CFPB's single-Director configuration is also incompatible with the structure of the Constitution, which -- with the sole exception of the Presidency -- scrupulously avoids concentrating power in the hands of any single individual."
