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Credit Counsel, Inc. responds to important U.S. Supreme Court announcement

SOUTH FLORIDA, FLORIDA, USA, November 26, 2019 / --
Debt recovery company Credit Counsel, Inc. reacts to announcement that the U.S. Supreme Court will hear the case on the constitutionality of CFPB's leadership structure.

Late last month, it was announced that the United States Supreme Court would hear the case on the constitutionality of the Consumer Financial Protection Bureau's leadership structure. Christopher Mihoulides, owner and founder of Credit Counsel, Inc., the self-styled South Florida-based cash flow company, responds to the news.

"The U.S. Supreme Court recently announced that it would review Seila Law v. Consumer Financial Protection Bureau, a case challenging the constitutionality of the Consumer Financial Protection Bureau's leadership structure," reveals Credit Counsel, Inc.'s Christopher Mihoulides, owner and founder of the successful South Florida debt recovery company, established in 1996.

In the Seila Law case, Mihoulides goes on to explain, a Ninth Circuit panel unanimously ruled that the Consumer Financial Protection Bureau's single-director structure was, in fact, constitutional. "The same," he adds, "had previously been reported by ACA International."

Formerly known as the American Collectors Association, ACA International is a U.S. trade group representing collection agencies such as Credit Counsel, Inc., as well as creditors, collection attorneys, and debt collection industry service providers.

In September, the Consumer Financial Protection Bureau's attorneys—along with the U.S. Department of Justice—filed a brief asking that the U.S. Supreme Court hear the case. "Consumer Financial Protection Bureau Director Kathy Kraninger has, herself, also since weighed in on the case," Mihoulides explains, "via letters to House Speaker Nancy Pelosi and Senate Majority Leader Mitch McConnell."

In her letters, Credit Counsel, Inc. boss Christopher Mihoulides reveals that Kraninger suggested that the bureau determined the Dodd-Frank Act provision. "She stated," he goes on, "that the stipulation that the director may be removed only 'for cause' is wholly unconstitutional."

Following announcement of the news that the U.S. Supreme Court would hear the case, ACA International CEO Mark Neeb also personally weighed in on the matter, according to Credit Counsel, Inc. founder Mihoulides. "Mr. Neeb said," he explains, "that the ongoing questions surrounding the constitutionality of the bureau's leadership structure are 'problematic' for all industries impacted by regulatory policies and enforcement decisions made by the Consumer Financial Protection Bureau."

Further according to Mihoulides, Neeb then went on to explain that ACA International seeks absolute certainty and clarity from the bureau. "ACA International does so," he adds, "particularity in light of the current and ongoing debt collection rulemaking process which has been the topic of much discussion since earlier this year."

"The main issue at hand here, however," explains Mihoulides, "is ultimately whether or not the provision of the law allowing the president to remove the agency's director solely 'for cause' violates the constitutional separation of powers."

"More information on the case," he adds, wrapping up, "is expected in due course."

Caroline Hunter
Web Presence, LLC
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Distribution channels: Business & Economy, Companies, Consumer Goods

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