CBA on Need for Bipartisan CFPB Commission, Ninth Circuit Ruling

Nick Simpson

 

CBA on Need for Bipartisan CFPB Commission, Ninth Circuit Ruling

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after a three-judge panel of the U.S. Court of Appeals for the Ninth Circuit ruled it was not unconstitutional for the Consumer Financial Protection Bureau’s director to be fired only for cause:

 

“The constitutionality of the CFPB’s structure is a separate question than whether the CFPB’s current structure lends itself to long-term credibility and regulatory certainty.  Congress should create a bipartisan commission – as the House did originally in 2009 – at the CFPB in place of an unaccountable sole director to ensure the agency is balanced, stable and best prepared to uphold the Bureau’s consumer protection mandate for years and decades.”

 

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About the Consumer Bankers Association:

The Consumer Bankers Association represents America’s leading retail banks. We promote policies to create a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.7 million jobs in America, extend roughly $4 trillion in consumer loans and provide $275 billion in small business loans annually. Follow us on Twitter @consumerbankers.