Court looks at CFPB structure and SEC relief
On Tuesday, the Supreme Court heard oral arguments in the cases of Seila Law LLC v. Consumer Financial Protection Bureau (CFPB) and Liu v. Securities and Exchange Commission (SEC).
The court is seeking to determine if the structure of the CFPB is constitutional in the case of Seila Law LLC v. CFPB. Created after the 2008 financial crisis the CFPB is responsible for assuring that banks and lenders treat consumers fairly. It is led by one director appointed by the president and confirmed by the Senate. There is a high bar for removal from the office that is being assessed by the Court.
The case of Liu v. SEC is a case that has the court determining the boundaries of relief available through the Securities and Exchange Act of 1934. The specifics of the question is if “equitable relief” according to the law, includes giving the SEC the power to recover all the profits gotten through unlawful activity.
As the Lord Leads, Pray with Us…
- For the Justices of the Court to carefully weigh the evidence of future cases to make the best decisions.
- For wisdom for the court as they determine the best cases to hear in the future.
- That these rulings would bring about a better society in the U.S.
Sources: SCOTUSblog, Supreme Court, Oyez.org
