WASHINGTON – The Consumer Financial Protection Bureau decried an appeals court ruling last week that found its single-director structure unconstitutional, saying the opinion was "wrongly decided" and had "no basis in the text of the Constitution or in Supreme Court case law."

In a brief filed October 14 in an unrelated case, CFPB v. Intercept Corp., the agency said that a motion by the defendant to dismiss charges based on last week's ruling by the U.S. Court of Appeals for the DC Circuit should be ignored because that ruling was erroneous and will be overturned on appeal. The ruling in PHH v. CFPB, the agency argued, relied on a novel and heretofore unconsidered reading of the Constitution that determined that independent commissions may not be headed by a single director.

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