Credit Union National Association applauds court ruling on Consumer Financial Protection Bureau’s unconstitutional structure
WASHINGTON, DC (October 11, 2016) — The U.S. District Court of Appeals for the D.C. Circuit’s decision that the Consumer Financial Protection Bureau’s structure is unconstitutional reinforces several CUNA concerns about the CFPB. CUNA President/CEO Jim Nussle released the following statement regarding the ruling:
“I applaud the ruling from the U.S. Court of Appeals for the D.C. Circuit regarding the PHH case against the Consumer Financial Protection Bureau, in that it will establish a meaningful check and balance and bring needed accountability to the Director’s role. This ruling confirms CUNA’s concern that the structure of the CFPB is flawed and that an unchecked, independent director who answers to no one can’t lead to good public policy. CUNA continues to support a five-person commission for the CFPB instead of its current structure.”
CUNA supports legislation that would change the bureau’s leadership to a five-person board, rather than a single director, believing that the change would bring additional accountability to credit unions and consumers and reduce ideologically-driven regulatory burden.
About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 135 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.
