CBA on Supreme Court Hearing CFPB Constitutionality Case

October 18, 2019
Nick Simpson

 

CBA on Supreme Court Hearing CFPB Constitutionality Case

“Regardless of the outcome, a sole-director calling all the shots will never provide the long-term stability consumers deserve and the well-regulated financial sector needs. For that, Congress must create a bipartisan, Senate-confirmed commission to lead the Bureau…”

 

WASHINGTON – Consumer Bankers Association President and CEO Richard Hunt released the following statement after the U.S. Supreme Court announced it would hear Seila Law vs. the Consumer Financial Protection Bureau, a case challenging the constitutionality of the CFPB’s single-director leadership structure:

 

“The Supreme Court will finally put the constitutionality of the CFPB’s leadership structure to rest, but regardless of the outcome, a sole-director calling all the shots will never provide the long-term stability consumers deserve and the well-regulated financial sector needs. For that, Congress must create a bipartisan, Senate-confirmed commission to lead the Bureau, as the House of Representatives originally passed under Speaker Pelosi.

 

“A commission will ensure consumer protection laws are no longer a pendulum swinging with each new director.”

 

NOTE: CBA last week wrote the leaders of both parties in the House of Representatives regarding the possibility of the Supreme Court hearing the Seila Law case. The letter outlines the need for a bipartisan, Senate-confirmed commission at the Bureau instead of a sole director. A copy of the letter 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