The Future of the Consumer Financial Protection Bureau

Jul 30, 2020

In the wake of the 2008 financial crisis, Congress created the Consumer Financial Protection Bureau (CFPB) as part of the historic Dodd-Frank Act. This new federal agencya signature achievement of Senator Elizabeth Warren under the Obama administrationwas established to protect everyday consumers who utilize services such as credit cards, mortgages, and loans. But was the CFPB's structure, and its quasi-independence from the Executive Branch, unconstitutional? A 2020 ruling by the Supreme Court declared that the agency's structure violates the separation of powers. While the decision did not go so far as to dismantle the CFPB entirely, it did grant the President the authority to remove its director at will. What does the decision mean for the future of the CFPB, and for consumers' rights during the current era of economic uncertainty? Loyola Law School professor Jessica Levinson moderates a discussion with Constitutional scholar Charlton Copeland, professor at the University of Miami School of Law, and corporate governance expert Jennifer Taub, professor at the Western New England University School of Law. Hammer Forum is made possible by the Rosenbloom Family