In a closed-door meeting at a Manhattan mansion, executives outlined changes to controversial software that was implicated in two crashes.Aerospace & Defenseread more
Current and former Tesla employees working in the company's open-air "tent" factory say they felt pressure to take shortcuts to hit aggressive Model 3 production goals,...Technologyread more
Minutes from the Reserve Bank of Australia's monetary policy meeting in July showed the central bank was ready to adjust interest rates if required.Asia Marketsread more
President Donald Trump and the RNC are picking up key supporters in the business community who did not back him as a candidate in 2016.2020 Electionsread more
Amazon workers in Minnesota and Germany are striking as Prime Day kicks off, in a stand against working conditions and wage practices. The action in Minnesota represents the...Retailread more
Treasury Secretary Steven Mnuchin is raising red flags ahead of Facebook's proposed cryptocurrency launch.Marketsread more
Epstein is accused of sexually exploiting dozens of underage girls from 2002 through 2005 at his New York and Florida residences. He is a former friend of Presidents Donald...Politicsread more
When you think of Prime Day, you might be thinking about deals on Instant Pots and Amazon Echo devices — not half-off dresses and designer heels. But the market for apparel...Retailread more
David Marcus, the head of Facebook's digital currency project, said the company expects Libra will drive more advertising revenue for the company.Technologyread more
Some White House officials expect the Cabinet secretary, who has known the president for years, to depart as soon as this summer.Politicsread more
"The important thing is that you shouldn't try to hit homeruns this week, because you're much more likely to end up striking out," Jim Cramer says.Mad Money with Jim Cramerread more
The structure of the Consumer Financial Protection Bureau is constitutional, an appeals court ruled Wednesday in a blow to President Donald Trump's efforts to ease regulations on the financial system.
The U.S. Court of Appeals for the District of Columbia Circuit made the ruling in a battle over whether the president could remove the director at will. The court in October had upheld a challenge to the structure but agreed to rehear the case.
Republicans had challenged the CFPB structure on grounds that the director's position was unaccountable to the executive branch.
PHH Corp. had filed the initial suit in a fight over a $109 million fine the bureau leveled against the company for allegedly taking kickbacks for sending customers to mortgage insurers. The CFPB added $103 million onto an initial $6 million fine, something it lacked authority to do, PFF charged.
The court did say the CFPB made errors in assessing the added penalty. The case could now be headed to the Supreme Court.
Trump has been a critic of the bureau, whose initial director, Richard Cordray, stepped down in late 2017. Office of Management and Budget Director Mick Mulvaney has led the bureau since, though there had even been a dispute over whether he or Leandra English, Cordray's chief of staff, is the rightful leader. Wednesday's decision does not address that issue.
The appeals court's ruling likely doesn't end the long-running dispute over the bureau.
Richard Hunt, CEO of the Consumer Bankers Association, said "we applaud" the decision but the group sees further adjustments as warranted.
"Congress should create a bipartisan commission at the CFPB, in place of a sole director, to uphold the Bureau's mission of consumer protection and would establish transparency, diversity of thought, additional industry insight and rule makings beneficial to consumers, the industry and the economy," Hunt said in a statement.
The president has said the bureau has overreached in its enforcement of financial system regulations. Trump has sought a less restrictive environment on a number of fronts but particularly banking, which he sees as key to generating more economic development.
In making its ruling, the court rejected the argument that the president could remove the CFPB director without cause. The ruling stated that a provision of the Dodd-Frank reforms, passed after the financial crisis of 2008, "shielding the Director of the CFPB from removal without cause is consistent" with Article II of the Constitution.
Dodd-Frank states that the director can be removed only for "inefficiency, neglect of duty, or malfeasance in office."
CNBC has reached out to the White House for comment.