WASHINGTON Oct 11 The U.S. Consumer Financial
Protection Bureau is looking into the next step in a court
battle over its structure, after a federal appeals court on
Tuesday declared that the power vested in its sole director was
unconsitutional but said it could continue operating under the
"The Bureau believes that Congress's decision to make the
director removable only for cause is consistent with Supreme
Court precedent and the bureau is considering options for
seeking further review of the court's decision," said CFPB
spokesperson Moira Vahey.
The agency was created in the 2010 Dodd-Frank Wall Street
reform law, with a clause saying its single director can only be
dismissed by the President "for cause."
In Tuesday's decision, a three-judge panel struck out that
language. The bureau is expected to now petition the U.S. Court
of Appeals for the District of Columbia Circuit for an "en banc"
review of the decision, which would involve the entire court. It
could also ask the Supreme Court to hear the case.
(Reporting by Lisa Lambert; Editing by Chizu Nomiyama)