The Consumer Financial Protection Bureau requested an en banc review in November by the U.S. Court of Appeals for the District of Columbia. If granted, the decision of the three-judge panel finding that the CFPB’s structure is unconstitutional would be reevaluated by a full panel of 11 judges. More importantly, however, by requesting the en banc review, the Court of Appeals’ decision is stayed.
In other words, the ruling which permits the president to remove at will Richard Cordray as director is not enforceable until the full panel of the court rejects the en banc request or renders an actual decision. This is particularly significant since most agree that President-elect Trump would replace Director Cordray immediately if — consistent with the three-judge panel decision — he is removable at will. However, since that decision is now on hold, Cordray can only be removed for cause unless and until the Court of Appeals reaffirms its prior opinion.
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