The US Justice Department on Friday took the unusual step of siding against another government agency in a high-stakes court case, another signal of the Trump administration's move away from regulation. The federal appeals court in Washington DC had ruled that Consumer Financial Protection Bureau (CFPB) had too much power and that its independence from any other authority was unconstitutional. The Justice Department agreed and argued that the structure of the CFPB was unconstitutional, and the president should have the power to fire the bureau's director. The bureau was created under the 2010 Dodd-Frank Wall Street reform legislation in the wake of the crisis. Trump has vowed to scale back the reforms adopted in the wake of the 2008 global financial crisis, including creation of the Consumer Financial Protection Bureau (CFPB)--part of his broader moves to strip back regulations that the administration says hampers business. The federal appeals court in October found the CFPB's independence was unconstitutional, a ruling the bureau is now seeking to have reversed.
Dallas Morning News, March 16, 2017 (excerpts)