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For Immediate Release
October 11, 2016
ABA Media Contact: Jeff Sigmund
(202) 663-5439
Follow us on Twitter: @ABABankers​

ABA Statement on PHH vs. CFPB Court Decision

By Rob Nichols, ABA president and CEO

​     "We’ve long believed that a five-member, bipartisan commission, as originally proposed, would strike a reasonable balance between independence and accountability.  A commission would broaden the perspective on any rulemaking and promote fair enforcement activity at the Bureau, and it would provide necessary and appropriate checks and balances in the exercise of the CFPB’s authority, consistent with the court’s decision.
     “We also appreciate the court’s ruling that due process bars the CFPB from retroactively applying a new interpretation of law, as well as the court’s finding that the agency has to apply the statute of limitations applicable to all underlying statutes it enforces in administrative proceedings.  We will continue to monitor this case as it progresses through the courts.”
The American Bankers Association is the voice of the nation’s $16 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $12 trillion in deposits and extend more than $8 trillion in loans.