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ABA: The American Bankers Association
Statement
  • For Immediate Release
  • February 27, 2023

ABA Statement on CFPB Funding Case Heading to Supreme Court

“The separation of powers – and related accountability of executive power – is a hallmark of American democracy. Today's announcement that the Supreme Court will consider the constitutionality of the CFPB's funding is a step toward resolving longstanding questions surrounding the Bureau. We have seen the Bureau repeatedly ignore legal boundaries established by Congress. To bolster the CFPB’s accountability, ABA has long advocated for a board or commission structure and for the Bureau to be subject to the appropriations process. We hope that the resolution of this case will take heed of these critical issues while ensuring Americans continue to have access to the financial products they want and need, along with the protections they deserve.'

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About the American Bankers Association

The American Bankers Association is the voice of the nation’s $23.7 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $18.8 trillion in deposits and extend $12.5 trillion in loans.

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