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Statement of Richard Hunt, President and CEO, Consumer Bankers Association on today’s Supreme Court announcement on Noel Canning v. NLRB
Washington, D.C. (June 24, 2013) – Today’s Supreme Court announcement on the Noel Canning v. NLRB case is a reminder the CFPB operates under a continuing cloud of uncertainty for consumers and the industry. Congress has the opportunity to take corrective measures to restructure the virtually unchecked power of the Bureau from one individual to a bi-partisan commission.
For the past two years, CBA has highlighted the CFPB’s structural flaws, the inherent political nature of leadership by a sole Director, and the high risks of an agency with unchecked powers.
The President and the U.S. Senate have recommended and confirmed several individuals to other commission-led financial regulatory agencies (SEC, FDIC, CFTC). Political posturing aside, there is no reason the CFPB should not have the same structure. After all, it will be the activists who will be calling for a commission when a Republican President selects a Director. A balanced approach to supervision and certainty for consumers should be the goal, and Congress has the power to make it so.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.