The Consumer Financial Protection Bureau late last week filed its much-anticipated response to the decision by the U.S. Court of Appeals for the District of Columbia Circuit to grant the agency’s request for an en banc rehearing in its legal wrangling with PHH Mortgage over allegations of violating the Real Estate Settlement Procedures Act. The CFPB made three main arguments. First, the bureau’s structure is constitutional. “Neither the bureau’s single-director structure, nor the for-cause removal provision, unduly interferes with the president’s ability to take care that the laws be faithfully executed” under the U.S. Constitution, it said. If the court were to decide that the agency’s structure is unconstitutional, the bureau added...