President-elect Donald Trump recently launched a new website, in which he promises that his Financial Services Policy Implementation team “will be working to dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.”

Following the financial crisis, Congress enacted the Dodd-Frank Act, which implemented significant financial regulations and launched several regulatory agencies, including the Consumer Financial Protection Bureau (CFPB). Since its founding, the CFPB has been one of the most active and controversial regulatory agencies in history. The CFPB has initiated dozens of enforcement actions, levied hundreds of millions of dollars in fines, and proposed and implemented stringent rules and regulations.

On October 11, 2016, the D.C. Circuit Court of Appeals held that the CFPB’s structure was unconstitutional, following the agency’s $109 million fine against mortgage lender PHH Corp. Although the D.C. Circuit determined that the CFPB’s structure was unconstitutional, it fashioned a narrow remedy in order to preserve the agency (read more about that opinion here). While the D.C. Circuit spared the CFPB, the Trump administration may not be so generous. Stay tuned.