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Appeals Court Ruling Casts Shadow Over CFPB Activities
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WASHINGTON—An appellate court ruling that the U.S. Consumer Financial Protection Bureau is unconstitutionally funded could undermine the agency’s work over its nearly 12 years of existence, legal experts said, including rules that ensure smooth functioning of the $13 trillion mortgage market.
The decision, by a three-judge panel of the Fifth U.S. Circuit Court of Appeals in New Orleans, is the latest blow to hit the consumer financial regulator that has long been politically polarizing.
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