Barney Frank defends consumer agency from 'conservative assault' [CNNMoney.com]
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Source: CNNMoney.com
Barney Frank defends consumer agency from 'conservative assault'The Consumer Financial Protection Bureau is under fire, and Barney Frank is standing up to defend it.The former Democratic member of the House is a co-author of the landmark legislation that helped create the agency. Frank spoke out on Tuesday against a "conservative assault" on the independent agency, which was created in 2011 as part of Congress' sweeping reform of the financial system under Dodd-Frank.Today the CFPB, which is in charge of protecting consumers from unfair, deceptive or abusive practices, faces a major challenge in court.It started with a suit by PHH Corp., which the CFPB hit with a $109 million fine. A federal appeals court ruled in October that the way the CFPB is structured is unconstitutional.The CFPB is led by a single director, Richard Cordray. He can't be fired by the president without cause. The court said the president should have the power to fire the head of the CFPB at will.The Justice Depart
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