CBA Statement on Supreme Court Oral Arguments

March 3, 2020
Nick Simpson

CBA Statement on Supreme Court Oral Arguments

A copy of CBA’s amicus brief is available here.

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt issued the following statement after attending oral arguments at the U.S. Supreme Court in Seila Law LLC vs. Consumer Financial Protection Bureau:

 

“For close to a decade the Bureau’s single-director structure has created regulatory uncertainty and instability. Congress should take this opportunity to rectify the problem by creating a bipartisan commission, as originally passed by the House of Representatives, instead of allowing the Supreme Court to either rule the Bureau wholly unconstitutional or make the director a pawn of whomever sits in the Oval Office.”

 

Note: CBA filed an amicus brief in the case arguing, if the CFPB’s leadership structure is ruled unconstitutional, the Supreme Court Justices cannot use the severability clause to change the Bureau’s “for-cause” Director to an “at-will” position without countering Congress’s intent to create an independent agency. As a result, the Court should strike Title X, not merely section 5491(c)(3), and stay its judgment for six months to provide Congress time to enact a permissible structure.

 

A copy of CBA’s amicus brief is available here.

 

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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.