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appeal of the 2014 $109M financial penalty imposed by the CFPB. Currently, the CFPB Director, who reports to the President, can only be removed for cause. Not surprisingly, the verdict has drawn sharp responses across the board from opponents and supporters of the CFPB alike. They upheld the CFPB’s findings and imposed a $6.4
The director may determine the merits of the appeal, or at the election of the financial institution, refer the appeal to an administrative law judge appointed by the FFIEC to conduct a hearing. In any hearing, neither the director nor the administrative law judge could defer to the opinions of the examiner or agency.
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