The head of the Consumer Financial Protection Bureau now believes that the financial regulator she leads is unconstitutionally structured.
CFPB Director Kathleen Kraninger notified senior lawmakers on Tuesday that the bureau had determined that the agency gave her too much independence.
"Mindful of the Bureau's role as an Executive agency within the Executive Branch [...] I have decided that the Bureau should adopt the Department of Justice's view," Kraninger wrote in letters to House Speaker Nancy Pelosi, D-Calif., and Senate Majority Leader Mitch McConnell, R-Ky.with the Supreme Court including her new position.
The case the brief was filed in connection with is Seila Law v. CFPB. Seila Law, a California law firm, is challenging the single-director structure of the bureau. Unlike the heads of some other agencies, the director of the CFPB can be removed by the president only for cause.
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