5th Circuit holds FHFA structure unconstitutional. Boost for Supreme Court challenge to CFPB? [Reuters]
Federal Home Loan Mortgage Corporation (FMCC)
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Source: Reuters
5th Circuit holds FHFA structure unconstitutional. Boost for Supreme Court challenge to CFPB? - Reuters 8 Min Read (Reuters) - The en banc 5th U.S. Circuit Court of Appeals ruled (2019 WL 4233612) Friday that the structure of the Federal Housing Finance Agency is unconstitutional under separation of powers doctrine because the agency’s lone director is insufficiently accountable to the president. The 5th Circuit’s ruling arguably creates a split in the federal circuits over the constitutionality of independent agencies headed by directors who can’t be removed without good cause. Both the 9th and D.C. Circuits, as you may recall, have found the structure of the Consumer Financial Protection Bureau, which parallels the FHFA’s structure in most regards, to be constitutional. The CFPB’s constitutionality, as I’ve reported, is right now at issue in a petition (2019 WL 2763117) for U.S. Supreme Court review by Seila Law, a California debt relief firm attempting to squelch a CFPB civil inves
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Analyst Actions
- 11/20/24 - Keefe, Bruyette & Woods
FMCC
Sec Filings
- 11/25/24 - Form ABS-15G
- 11/21/24 - Form ABS-15G
- 11/6/24 - Form ABS-15G/A
- FMCC's page on the SEC website