The Consumer Financial Protection Bureau was established in the wake of the 2007 financial meltdown that gave birth to the "Great Recession." Created by the 2010's Dodd-Frank Act, the CFPB was to operate as a Wall Street watchdog agency. To ensure its independence from political interference, it was to have a single director who, once appointed, could only be removed for cause.
That level of independence, however, was too much for the D.C. Circuit. A three judge panel ruled earlier this month that the CFPB's structure gave too much authority to its director, in violation of the executive powers given to the President. An independent director who could not be fired without cause, the court found, was a "threat to individual liberty."