TOPEKA – (December 20, 2017) – Despite the unique and unaccountable governance structure of the Consumer Financial Protection Bureau (CFPB), only the president has the legal authority to select the CFPB’s acting director, Kansas Attorney General Derek Schmidt has told a federal district court. In a brief filed this week in the U.S. District Court for the District of Columbia, Schmidt and the attorneys general of 12 other states argue that under the Federal Vacancies Reform Act, only the president has the authority to appoint the CFPB’s acting director and that statute supplants any competing framework set out in the Dodd-Frank Act. The attorneys general argue that the CFPB director—and by extension, the acting director—wields vast powers...
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AG Derek Schmidt to Federal Court: CFPB not authorized to choose its own director