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Judge rules structure of consumer finance agency unconstitutional

Mick Mulvaney, White House budget chief and acting director of the Consumer Financial Protection Bureau
Mick Mulvaney, White House budget chief and acting director of the Consumer Financial Protection Bureau. Photo: Cheriss May/NurPhoto via Getty Images

A federal judge in New York ruled on Thursday that structure of the Consumer Financial Protection Bureau, the watchdog agency created in the aftermath of the 2008 national financial crisis, is unconstitutional.

The details: Judge Loretta Preska wrote that it's unconstitutional that the agency, headed by a director with a five-year term, could be fired by the president only for cause. The Trump administration had insisted that the president should have the authority to remove the agency’s leader at will.