1 00:00:00,200 --> 00:00:04,000 Speaker 1: Thanks June, the Consumer Financial Protection Bureau has a new 2 00:00:04,080 --> 00:00:07,039 Speaker 1: lease on life. A federal appeals court here in Washington 3 00:00:07,080 --> 00:00:10,520 Speaker 1: will reconsider a ruling that slashed the agency's powers and 4 00:00:10,560 --> 00:00:13,080 Speaker 1: made it much easier for the president to fire its 5 00:00:13,080 --> 00:00:16,880 Speaker 1: aggressive director, Richard Cordray. The earlier ruling came from a 6 00:00:16,920 --> 00:00:19,800 Speaker 1: three judge panel of Republican appointees on a court known 7 00:00:19,840 --> 00:00:23,200 Speaker 1: as the d C Circuit. The case, which involves kickback 8 00:00:23,239 --> 00:00:26,319 Speaker 1: allegations against a mortgage lender, will now be taken up 9 00:00:26,360 --> 00:00:30,280 Speaker 1: by the full DC Circuit, with its majority of Democratic appointees. 10 00:00:30,680 --> 00:00:33,280 Speaker 1: It's all happening against the backdrop of a congressional battle 11 00:00:33,320 --> 00:00:35,920 Speaker 1: over the cfp B and the Dodd Frank law that 12 00:00:36,000 --> 00:00:39,520 Speaker 1: created it. Republicans want to ease the burdens they say 13 00:00:39,560 --> 00:00:42,360 Speaker 1: the law has placed on the financial industry. With us 14 00:00:42,400 --> 00:00:44,839 Speaker 1: to talk about the legal fight over the cfp B. 15 00:00:45,320 --> 00:00:47,720 Speaker 1: Our Dai him In is a professor at the University 16 00:00:47,760 --> 00:00:51,239 Speaker 1: of Connecticut School of Law and Christopher Peterson, professor at 17 00:00:51,240 --> 00:00:54,959 Speaker 1: the University of Utah College of Law DAIA. Let let 18 00:00:54,960 --> 00:00:58,200 Speaker 1: me start with you. The earlier ruling had several aspects 19 00:00:58,280 --> 00:01:00,760 Speaker 1: to it, but let's let's cut to the part of 20 00:01:00,760 --> 00:01:03,320 Speaker 1: it that deals with the president's power to fire the 21 00:01:03,360 --> 00:01:06,480 Speaker 1: director of the CFPB. Can you just explain what the 22 00:01:06,520 --> 00:01:11,600 Speaker 1: panel said about that issue? Yeah, sure, Um. The panel 23 00:01:11,680 --> 00:01:16,040 Speaker 1: decided that, um, it didn't the separate from the sort 24 00:01:16,040 --> 00:01:20,800 Speaker 1: of um statutory problems um that the PhH Company was 25 00:01:20,840 --> 00:01:24,280 Speaker 1: bringing against the CFPP, they would decide they would look 26 00:01:24,319 --> 00:01:26,960 Speaker 1: at whether or not the structure of the CFPP is 27 00:01:26,959 --> 00:01:31,480 Speaker 1: actually constitutional um, and which uh, maybe it was something 28 00:01:31,480 --> 00:01:33,520 Speaker 1: that they didn't actually have to do. And in doing that, 29 00:01:33,560 --> 00:01:36,840 Speaker 1: they decided that it was unconstitutional that um, there was 30 00:01:36,920 --> 00:01:39,880 Speaker 1: only one director and that they could only be uh 31 00:01:39,920 --> 00:01:43,560 Speaker 1: that that director could be fired um, only for cause um. 32 00:01:43,640 --> 00:01:47,080 Speaker 1: And so they decided that uh that instead um uh, 33 00:01:47,160 --> 00:01:50,840 Speaker 1: the way to fix it was to say to basically 34 00:01:50,880 --> 00:01:53,400 Speaker 1: rewrite the statute and say that the director can be 35 00:01:53,440 --> 00:01:56,360 Speaker 1: fired for any reason at the will of the president um. 36 00:01:56,560 --> 00:01:59,200 Speaker 1: And so obviously making it a lot easier for now 37 00:01:59,240 --> 00:02:02,640 Speaker 1: President Trump to fire the director. But now that decision 38 00:02:02,800 --> 00:02:06,360 Speaker 1: has been vacated, now that the Full Court has decided 39 00:02:06,600 --> 00:02:12,080 Speaker 1: to hear the decase again. And Christopher, what is the 40 00:02:12,120 --> 00:02:16,600 Speaker 1: reasoning for the Full Court taking on the case. Well, 41 00:02:16,639 --> 00:02:19,959 Speaker 1: I think the Full Court is is recognizing that the case, 42 00:02:20,080 --> 00:02:23,880 Speaker 1: first off, is very important that it has significant implications 43 00:02:23,919 --> 00:02:27,919 Speaker 1: both for this new UH consumer Protection Agency, but also 44 00:02:28,120 --> 00:02:31,280 Speaker 1: for the power of the presidency of the United States. UH. 45 00:02:31,320 --> 00:02:33,679 Speaker 1: And what's more, I think that the it's I think 46 00:02:33,680 --> 00:02:36,840 Speaker 1: it's fair to say that the DC Circuit panel opinion 47 00:02:37,080 --> 00:02:42,440 Speaker 1: was um someone uncharitable to the motives and the structure 48 00:02:42,480 --> 00:02:45,160 Speaker 1: of the CFPB. So I think that, you know, look 49 00:02:45,200 --> 00:02:47,760 Speaker 1: to take away is that the the entire DC Circuit 50 00:02:47,800 --> 00:02:49,920 Speaker 1: is going to look at the case and UH it 51 00:02:50,000 --> 00:02:53,240 Speaker 1: has implications about whether or not President Trump will may 52 00:02:53,240 --> 00:02:56,560 Speaker 1: be able to is effectively assert his agenda UH in 53 00:02:56,560 --> 00:02:59,480 Speaker 1: in in you know, pursuing de regulatory goals for the 54 00:02:59,480 --> 00:03:04,359 Speaker 1: economy dai UM. As you mentioned, there's also a statutory 55 00:03:04,400 --> 00:03:08,360 Speaker 1: component to this case, which is basically pH H arguing 56 00:03:08,440 --> 00:03:11,639 Speaker 1: that the cfpv PP had changed what had been the 57 00:03:11,680 --> 00:03:15,360 Speaker 1: common understanding of a law involving real estate settlements and 58 00:03:15,360 --> 00:03:19,880 Speaker 1: then UH improperly applied it retroactively. When the d C 59 00:03:19,880 --> 00:03:23,320 Speaker 1: Circuit yesterday said we want to reconsider this case, it 60 00:03:23,440 --> 00:03:26,440 Speaker 1: sort of suggested that maybe we can avoid getting to 61 00:03:26,520 --> 00:03:30,320 Speaker 1: those constitutional questions and just deal with that statutory issue. 62 00:03:30,400 --> 00:03:33,919 Speaker 1: Does that seem like a realistic possibility to you. UM, 63 00:03:33,960 --> 00:03:36,320 Speaker 1: I think that's right. Actually, UM, I think it was 64 00:03:36,360 --> 00:03:39,640 Speaker 1: surprising that the panel had asked for briefing on the 65 00:03:39,680 --> 00:03:44,400 Speaker 1: constitutionality question, UM, and it's the case can totally be decided, 66 00:03:44,720 --> 00:03:47,320 Speaker 1: and infect the panel really did decide it in the 67 00:03:47,360 --> 00:03:51,000 Speaker 1: alternative on the statutory question, and h p H is 68 00:03:51,040 --> 00:03:55,240 Speaker 1: basically one on the statutory question. So I think it 69 00:03:55,280 --> 00:03:58,160 Speaker 1: is very likely, UM, that the that the full Court 70 00:03:58,240 --> 00:04:01,120 Speaker 1: will decide, UM, you know, will make the decision on 71 00:04:01,160 --> 00:04:04,240 Speaker 1: those narrow grounds. Also not just for the reasons that 72 00:04:04,240 --> 00:04:08,680 Speaker 1: Professor Peterson just pointed out, but also because UM, their decision, 73 00:04:08,720 --> 00:04:11,920 Speaker 1: the panel decision had actually thrown into question, um, the 74 00:04:11,960 --> 00:04:15,440 Speaker 1: constitutionality of the structure of the Federal Housing Finance Agency, 75 00:04:15,720 --> 00:04:18,720 Speaker 1: which was actually created before the CFPP. UM, and that 76 00:04:18,920 --> 00:04:21,000 Speaker 1: you know, you know, not a party to the case 77 00:04:21,080 --> 00:04:23,600 Speaker 1: or anything. So H that may be another reason why 78 00:04:23,600 --> 00:04:27,040 Speaker 1: they might want to go narrower. And so just I 79 00:04:27,120 --> 00:04:29,839 Speaker 1: understand you you're suggesting that what could happen would be 80 00:04:29,880 --> 00:04:33,120 Speaker 1: that PhH could win on that narrower question, and then 81 00:04:33,120 --> 00:04:35,320 Speaker 1: the Court would never have to deal with the question 82 00:04:35,360 --> 00:04:39,159 Speaker 1: of whether the whole structure of the the CFPP is unconstitutional, 83 00:04:39,839 --> 00:04:41,640 Speaker 1: that's right. I mean they could win or lose. You know, 84 00:04:41,680 --> 00:04:43,560 Speaker 1: they could decide it the same way or a different way. 85 00:04:43,600 --> 00:04:46,280 Speaker 1: But but the case could be entirely decided on the 86 00:04:46,360 --> 00:04:50,480 Speaker 1: question of the statory questions. I think, Christopher, the twelve 87 00:04:50,560 --> 00:04:53,360 Speaker 1: judge panel that will be hearing it will include Chief 88 00:04:53,440 --> 00:04:58,680 Speaker 1: Judge Merrick Garland, whose Supreme Court nomination Republicans refused to consider. 89 00:04:59,080 --> 00:05:06,080 Speaker 1: Does the panel being Democratic or Republican or center? Well, so, 90 00:05:06,279 --> 00:05:10,080 Speaker 1: first off, with respected Judge Garland, He's a consummate professional, 91 00:05:10,160 --> 00:05:12,920 Speaker 1: and I have absolute confidence that he'll do nothing other 92 00:05:12,960 --> 00:05:15,719 Speaker 1: than follow the law and his best ambitions about you know, 93 00:05:15,839 --> 00:05:18,320 Speaker 1: realizing what the how the laws of the United States 94 00:05:18,360 --> 00:05:22,520 Speaker 1: should be interpreted. That thinks that the three judge panel 95 00:05:22,560 --> 00:05:26,640 Speaker 1: that decided the decision below leaned fairly far to the right, 96 00:05:26,760 --> 00:05:29,240 Speaker 1: or that's the way that people would normally conceptualize it. 97 00:05:29,560 --> 00:05:33,600 Speaker 1: But the DC circuit itself the broader UH Court now 98 00:05:34,000 --> 00:05:36,400 Speaker 1: and recently it's balanced, and power has shifted somewhat to 99 00:05:36,400 --> 00:05:39,680 Speaker 1: the left with some recent Obama appointees. But I also 100 00:05:39,720 --> 00:05:41,120 Speaker 1: want to caution that, you know, a lot of the 101 00:05:41,200 --> 00:05:43,920 Speaker 1: questions that are here are not really very easily sort 102 00:05:43,920 --> 00:05:46,520 Speaker 1: of tracked out on a you know, a traditional left 103 00:05:46,640 --> 00:05:49,520 Speaker 1: right Democrat Republican spectrum. Some of the questions that issue 104 00:05:49,520 --> 00:05:53,320 Speaker 1: are questions of constitutional power and separation of powers that 105 00:05:53,360 --> 00:05:56,880 Speaker 1: are not just regulation good or regulation bad. So I 106 00:05:57,240 --> 00:05:59,520 Speaker 1: do think that it's a little bit difficult to predict 107 00:05:59,600 --> 00:06:03,640 Speaker 1: how the DC Circuit would rule on the independent regulatory 108 00:06:03,720 --> 00:06:08,000 Speaker 1: agency question. Uh, you know that being said, I think 109 00:06:08,000 --> 00:06:10,720 Speaker 1: that Professor Jimenez is exactly right that the fact that 110 00:06:10,720 --> 00:06:13,720 Speaker 1: the d C Circuit has granted him bank review may 111 00:06:13,720 --> 00:06:16,640 Speaker 1: be signaling that some of the judges are, perhaps the 112 00:06:16,680 --> 00:06:20,040 Speaker 1: majority of the judges may prefer to resolve the questions 113 00:06:20,040 --> 00:06:23,960 Speaker 1: in the case on statutorial statutory grounds rather than confirming 114 00:06:23,960 --> 00:06:27,880 Speaker 1: the more difficult, broader reaching constitutional questions. And I just 115 00:06:27,920 --> 00:06:30,440 Speaker 1: want to correct I understand now that the Chief Judge 116 00:06:30,480 --> 00:06:33,719 Speaker 1: Merrick Garland is not going to be participating in this case. 117 00:06:33,880 --> 00:06:38,240 Speaker 1: Greg dally Um. One thing that has puzzled me a 118 00:06:38,240 --> 00:06:41,720 Speaker 1: little bit. It seems like there was Richard Corday, the director, 119 00:06:41,800 --> 00:06:45,000 Speaker 1: has been very controversial. Republicans have been highly critical of 120 00:06:45,040 --> 00:06:47,839 Speaker 1: him for being too aggressive, and it seems like until 121 00:06:48,120 --> 00:06:51,240 Speaker 1: until this order to rehear the case came out, there 122 00:06:51,279 --> 00:06:54,240 Speaker 1: was a little window where Donald Trump could have fired 123 00:06:54,360 --> 00:06:57,120 Speaker 1: him for any reason at all. Are you surprised that 124 00:06:57,160 --> 00:07:01,200 Speaker 1: the president didn't take advantage of that, Um, Well, I'm 125 00:07:01,240 --> 00:07:03,520 Speaker 1: not sure there was such a window actually, because the 126 00:07:03,560 --> 00:07:07,400 Speaker 1: case when um, the CFTV sought on bunk review, Uh, 127 00:07:07,520 --> 00:07:11,240 Speaker 1: the the decision was stayed while the court decided whether 128 00:07:11,320 --> 00:07:12,880 Speaker 1: or not the full court decided whether or not to 129 00:07:12,960 --> 00:07:16,520 Speaker 1: grant on bunk review. So I think, um, the sort 130 00:07:16,560 --> 00:07:20,040 Speaker 1: of correct legal thing to do there was just to 131 00:07:20,120 --> 00:07:22,720 Speaker 1: wait until the court decided whether or not to grant 132 00:07:22,800 --> 00:07:26,200 Speaker 1: on bunk and if they had denied it, um, then 133 00:07:26,760 --> 00:07:29,440 Speaker 1: depending exactly what that word it looked like, then perhaps 134 00:07:29,640 --> 00:07:33,040 Speaker 1: you know, if the CFPP didn't immediately file for a 135 00:07:33,120 --> 00:07:36,040 Speaker 1: certain certain petitions and Supreme Court, uh, there might have 136 00:07:36,080 --> 00:07:38,560 Speaker 1: been a small window. I mean, I think the right 137 00:07:38,600 --> 00:07:41,160 Speaker 1: thing is really to you know, let the courts make 138 00:07:41,200 --> 00:07:44,400 Speaker 1: this decision, um, at least to to get a chance 139 00:07:44,480 --> 00:07:47,600 Speaker 1: at it. Um. So I'm glad that that I think that, uh, 140 00:07:47,640 --> 00:07:52,520 Speaker 1: you know that that was not circumvented, Christopher. The Republicans 141 00:07:52,600 --> 00:07:59,120 Speaker 1: have many options outside of court to use against the CFTB, 142 00:08:00,080 --> 00:08:04,320 Speaker 1: So they could have legislation they're considering that would change 143 00:08:04,520 --> 00:08:08,000 Speaker 1: the leadership from a single director to a five person commission. 144 00:08:08,680 --> 00:08:10,480 Speaker 1: What are some of the other things that they could 145 00:08:10,520 --> 00:08:15,440 Speaker 1: do and how likely is it that they would Well, 146 00:08:15,640 --> 00:08:17,840 Speaker 1: I think that, UM, I mean the big the biggest 147 00:08:18,360 --> 00:08:21,400 Speaker 1: options that they have is clearly to pass new legislation 148 00:08:21,560 --> 00:08:24,160 Speaker 1: to reform the Dodd Frank Act and the portion of 149 00:08:24,200 --> 00:08:27,080 Speaker 1: the Dodd Frank Act and the Consumer Financial Protection Act 150 00:08:27,080 --> 00:08:29,640 Speaker 1: that created the CFPB. And that's that's something that is 151 00:08:30,240 --> 00:08:35,040 Speaker 1: a viable legislative strategy. Uh. They do face the prospect 152 00:08:35,040 --> 00:08:38,360 Speaker 1: of potential filibuster in the Senate recalled that. Uh. You know, 153 00:08:38,360 --> 00:08:43,679 Speaker 1: one of the the sort of uh founding thought leaders 154 00:08:44,000 --> 00:08:47,160 Speaker 1: for the creation of the CFPB was then Professor Warren 155 00:08:47,240 --> 00:08:51,080 Speaker 1: now Senator Warren. Uh. Presumably, if there's anything that rules 156 00:08:51,160 --> 00:08:54,599 Speaker 1: back on the cfpbs powers to aggressively, you can anticipate 157 00:08:54,640 --> 00:08:57,760 Speaker 1: that she would attempt a filibuster. And and unless the 158 00:08:58,559 --> 00:09:01,600 Speaker 1: Senate is willing to change its rules, whatever changes that 159 00:09:01,720 --> 00:09:04,560 Speaker 1: the Republicans Congress wants to get to, the agency would 160 00:09:04,600 --> 00:09:08,720 Speaker 1: have to surmount that sixty vote barrier. So who knows 161 00:09:08,760 --> 00:09:10,880 Speaker 1: how that's going to shape out. Other but there are 162 00:09:10,960 --> 00:09:13,480 Speaker 1: with respect that not just the structure of the agency 163 00:09:13,559 --> 00:09:16,320 Speaker 1: but particular matters that the agency may be working on, 164 00:09:16,400 --> 00:09:20,200 Speaker 1: such as regulations that are pending or enforcement actions that 165 00:09:20,280 --> 00:09:24,200 Speaker 1: rely on particular statutory provisions. There are also potential options 166 00:09:24,200 --> 00:09:26,920 Speaker 1: that the Republicans have there as well. So, for example, 167 00:09:27,000 --> 00:09:31,360 Speaker 1: there's a regulatory review statute that allows Congress to invalidate 168 00:09:31,480 --> 00:09:35,520 Speaker 1: regulations that are adopted by the agency with by voting 169 00:09:35,559 --> 00:09:37,880 Speaker 1: to do so in Congress, and that that could potentially 170 00:09:37,880 --> 00:09:41,160 Speaker 1: create another independent obstacle to some of the agenda that 171 00:09:41,240 --> 00:09:45,480 Speaker 1: Director Cordrey has laid out. Christopher has inadvertently teased a 172 00:09:45,520 --> 00:09:47,360 Speaker 1: later portion of the show, We're gonna actually talk about 173 00:09:47,360 --> 00:09:52,000 Speaker 1: the Congressional Review active very important law that I confess 174 00:09:52,040 --> 00:09:56,600 Speaker 1: I didn't know anything about until until a few weeks ago. Um, 175 00:09:57,000 --> 00:10:02,240 Speaker 1: you could back to the legal fight. Um, the how 176 00:10:02,280 --> 00:10:05,280 Speaker 1: does this play out in terms of the CFPB and 177 00:10:05,320 --> 00:10:09,040 Speaker 1: the Trump administration? As I understand that the CFPB has 178 00:10:09,200 --> 00:10:13,520 Speaker 1: independent litigating authority, so that at the on Bond DC 179 00:10:13,679 --> 00:10:18,280 Speaker 1: circuit and perhaps elsewhere. Um, could we see the CFPB 180 00:10:18,840 --> 00:10:24,439 Speaker 1: up against the Trump administration. Huh, That's that's an interesting question. 181 00:10:24,480 --> 00:10:27,600 Speaker 1: I don't actually think that they have I mean, I 182 00:10:27,600 --> 00:10:29,240 Speaker 1: think they still have to go through the Department of 183 00:10:29,320 --> 00:10:32,920 Speaker 1: Justice to UH. They have to do that too. For 184 00:10:32,960 --> 00:10:35,640 Speaker 1: restipcase might might actually know more. But I think that's 185 00:10:35,720 --> 00:10:39,040 Speaker 1: right that they would not be able to UH. I 186 00:10:39,040 --> 00:10:43,640 Speaker 1: mean that would be very odd. You've stunned me. I 187 00:10:43,720 --> 00:10:47,520 Speaker 1: do Christopher jump in if you if you have have 188 00:10:47,600 --> 00:10:51,080 Speaker 1: thoughts on it. Sure, No, it's it's perfectly understandable that 189 00:10:51,160 --> 00:10:53,320 Speaker 1: there's there's some ambiguity here, and it's you know, the 190 00:10:53,400 --> 00:10:55,559 Speaker 1: agency is still a young agency, so it's still working 191 00:10:55,559 --> 00:10:57,200 Speaker 1: some of these things out as they go along. So, 192 00:10:58,000 --> 00:11:02,120 Speaker 1: but the agency does have independent litigation authority, and unlike 193 00:11:02,160 --> 00:11:05,640 Speaker 1: say some of the other agencies, does not have to 194 00:11:05,679 --> 00:11:08,400 Speaker 1: rely on the Department of Justice's attorneys to to bring 195 00:11:08,600 --> 00:11:12,240 Speaker 1: litigation enforcement litigation in court. That's one of the sort 196 00:11:12,280 --> 00:11:14,680 Speaker 1: of key features of the Dodd Frank Act. But that 197 00:11:14,760 --> 00:11:17,320 Speaker 1: being said, generally speaking, that Bureau has relied on the 198 00:11:17,360 --> 00:11:22,000 Speaker 1: Solicitor General's Office in UH a Supreme Court matters UH, 199 00:11:22,040 --> 00:11:24,920 Speaker 1: And that could create a potential issue in the event 200 00:11:25,000 --> 00:11:28,120 Speaker 1: that petition for curtiary was granted by the Supreme Court. 201 00:11:28,200 --> 00:11:30,160 Speaker 1: But that's the bridge that hasn't been crossed yet, and 202 00:11:30,440 --> 00:11:32,600 Speaker 1: there's a good chance that that that won't actually happen 203 00:11:32,640 --> 00:11:35,320 Speaker 1: now that the d C circuit may be signaling that 204 00:11:35,360 --> 00:11:39,040 Speaker 1: it's going to sort of extinguish this case. Of course, 205 00:11:39,120 --> 00:11:41,880 Speaker 1: I don't want to predict that with any real certainty. 206 00:11:42,000 --> 00:11:44,760 Speaker 1: They don't hand out crystal balls with tenure at my university. 207 00:11:44,840 --> 00:11:50,079 Speaker 1: But UM, at least for its time being before the 208 00:11:50,120 --> 00:11:55,679 Speaker 1: courts tell us how important and what the role of 209 00:11:56,000 --> 00:12:01,240 Speaker 1: the CSPB is. UM. And actually I think this is 210 00:12:01,240 --> 00:12:03,560 Speaker 1: one of the sort of positives of the physician, you know, 211 00:12:03,600 --> 00:12:07,400 Speaker 1: coming back being in the news again. Is the CSTB UM. 212 00:12:07,440 --> 00:12:10,360 Speaker 1: You know, it's really the one agency who they're protecting 213 00:12:10,360 --> 00:12:14,599 Speaker 1: consumers UM and UH. One of the reasons why it 214 00:12:14,640 --> 00:12:17,760 Speaker 1: would be very difficult for President Trump to fire Director 215 00:12:17,800 --> 00:12:20,480 Speaker 1: Cord for cause is because it's been doing a you know, 216 00:12:20,600 --> 00:12:25,280 Speaker 1: stand up job of protecting consumers. Almost twelve billion dollars 217 00:12:25,800 --> 00:12:30,200 Speaker 1: UM have been returned to consumers, thirty million UM consumers 218 00:12:30,200 --> 00:12:33,160 Speaker 1: have received relief. UM. You know, companies have who have 219 00:12:33,160 --> 00:12:36,000 Speaker 1: been violating the law UM in all sorts of different 220 00:12:36,200 --> 00:12:40,720 Speaker 1: financial areas have been ordered to you know, change their practices, 221 00:12:40,800 --> 00:12:43,720 Speaker 1: to correct them, to uh, to rest to give restitutions 222 00:12:43,760 --> 00:12:46,960 Speaker 1: to consumers. UM. And I think that that's something that 223 00:12:47,000 --> 00:12:48,520 Speaker 1: we need, you know. And then the reason it was 224 00:12:48,559 --> 00:12:52,360 Speaker 1: created was because we thought, um, this might have prevented 225 00:12:52,400 --> 00:12:55,599 Speaker 1: the financial crisis. Um. Perhaps the hope is that it 226 00:12:55,640 --> 00:12:59,320 Speaker 1: will prevent the next financial crisis. And um uh, that's 227 00:12:59,360 --> 00:13:02,000 Speaker 1: something that you know, I think we should all want. 228 00:13:03,360 --> 00:13:06,520 Speaker 1: I want to thank our guest Dalia Jimenez the University 229 00:13:06,520 --> 00:13:08,960 Speaker 1: of Connecticut School of Law and Christopher Peterson of the 230 00:13:09,000 --> 00:13:12,679 Speaker 1: University of Utah College of Law, talking about new developments 231 00:13:12,679 --> 00:13:15,760 Speaker 1: in the legal fight over the Consumer Financial Protection Bureau. 232 00:13:15,920 --> 00:13:18,520 Speaker 1: Coming up on Bloomberg Law, we'll talk to former Senate 233 00:13:18,600 --> 00:13:21,560 Speaker 1: Democratic Majority Leader George Mitchell.