The D.C. Circuit, sitting en banc, says that the structure of the CFPB, whose single director does not serve at the pleasure of the president, is constitutional. Nonetheless, (as a dissent characterizes it) the CFPB “flunked ‘Rule of Law 101′” by reinterpreting a statute and retroactively enforcing it against the petitioner, so the agency’s enforcement action can’t stand. (Click here for the highlights of the 250-page ruling from Aaron Nielson.)
