The Consumer Financial Protection Bureau has formally appealed an October court ruling that undercut the agency's independent status, arguing that the decision laid out a theory of separation of powers without precedent in case law or the Constitution.

"A panel of this Court has rendered a dramatic and unprecedented ruling that purports to override Congress's explicit determination to create 'an independent bureau' to exercise regulatory and law enforcement authority in a particular segment of the economy," the CFPB said in the filing. "It thus sets up what may be the most important separation-of-powers case in a generation."

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