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ABA: The American Bankers Association
Statement

ABA Statement on Supreme Court Decision to Hear CFPB Constitutionality Case

“Today’s decision from the U.S Supreme Court to hear a case challenging the constitutionality of the CFPB’s leadership structure means we could finally have legal clarity around the Bureau’s design and accountability.

“Regardless of the outcome, we continue to believe that the Bureau should be more accountable to Congress and that a five-member, bipartisan commission — as originally envisioned in drafts of the Dodd-Frank Act — would balance the Bureau’s needs for independence and accountability, while broadening perspectives on rulemaking and enforcement. It would also provide long-term stability that benefits consumers, financial service providers and the economy.”

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $21.1 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $17 trillion in deposits and extend nearly $11 trillion in loans.

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