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For Immediate Release
June 21, 2018
ABA Media Contact: Ian McKendry
(202) 663-5473
Email:
imckendry@aba.com
Follow us on Twitter: @ABABankers

ABA Statement on Federal District Court Ruling on CFPB

By Rob Nichols, ABA President and CEO

​“We are still reviewing today’s ruling from a federal district court in New York concluding that the CFPB is ‘unconstitutionally structured.’ Other federal courts have ruled differently, so the implications of this decision remain unclear.
 
“ABA has long believed 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. Today’s ruling does not alter that view.”
 
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, midsize, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.
 
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