Buckley files amicus brief in CFPB constitutionality case
Buckley LLP on Dec. 16 filed an amicus brief on behalf of the Mortgage Bankers Association, the National Association of Home Builders, and the National Association of REALTORS® in the Supreme Court case addressing the constitutionality of the Consumer Financial Protection Bureau’s structure. Seila Law LLC v. Consumer Fin. Prot. Bureau, No. 19-7., cert. granted, WL 5281290 (Oct. 18, 2019).
The brief takes no position on the constitutionality of the Consumer Financial Protection Act that led to the bureau’s creation as an agency headed by a single director who could only be terminated by the president on a “for cause” basis, and instead addresses the appropriate remedy should the Court find the bureau’s structure unconstitutional. Specifically, the brief argues that the Court should sever the “for cause” firing provision if it concludes that restriction is unconstitutional, rather than risk the substantial disruption to the housing and real estate markets that would follow a determination to strike down the statute in its entirety.
Benjamin B. Klubes, Jeffrey P. Naimon, Jonice Gray Tucker, Michelle L. Rogers, Adam B. Miller, and Elizabeth R. Bailey participated in drafting the brief.