Consumer Financial Protection Bureau (CFPB)

Three federal appeals court judges appointed by President Trump have ruled that the funding structure of the Consumer Financial Protection Bureau is unconstitutional.

Selecting Gary Gensler for the Securities and Exchange Commission and Rohit Chopra for the Consumer Financial Protection Bureau is a win for progressives who have pushed for aggressive oversight.

The Consumer Financial Protection Bureau is a powerful agency policing predatory or unfair practices. Trump hobbled it. But a court ruling allows Biden to appoint a new sheriff at the bureau.

But the court left intact the rest of the statute that created the CFPB. The decision was a victory for President Trump and others who have long sought to trim the sails of independent agencies.

The new head of the Consumer Financial Protection Bureau is making the agency less aggressive in its mission. A new plan calls for it to fulfill "its statutory responsibilities, but go no further."