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CBA Statement on SCOTUS Decision to Examine CFPB Funding Structure
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement in response to the U.S. Supreme Court’s decision to take up Consumer Financial Protection Bureau v. Community Financial Services Association of America, which will examine whether the funding structure of the CFPB is constitutional:
“For nearly 12 years, CBA has worked together with the CFPB to further our shared objective of promoting a safe and competitive financial marketplace. As a part of that effort, we firmly believe in the role the agency has played and can continue to play in providing consumers the highest level of protection; however, there is no doubt to truly deliver on its mission, the Bureau is in need of reform.
“As the agency responsible with overseeing an industry that affects millions of Americans, the Bureau lacks the accountability measures necessary to develop well-founded rules and deliver market stability despite shifting political winds, ultimately hindering the very people we are all working to serve, consumers. Should the Court uphold the 5th Circuit’s decision that the way that the CFPB is currently funded is unconstitutional, CBA stands ready to work with policymakers to further enhance this important agency to ensure the Bureau is credible, accountable, and well-equipped to deliver on its mission for decades to come.”