CUNA filed an amicus brief in CFPB leadership case, supports Presidential appointment authority
Press teleconference on Wednesday, December 13 at 9:30am ET with Ballard Spahr LLP, CUNA
WASHINGTON, DC (December 13, 2017) — The Credit Union National Association (CUNA) filed an amicus brief in the U.S. District Court for the District of Columbia today, for the case English v. Trump, in support of any President having the authority to appoint an interim Director at the CFPB by the Vacancies Reform Act, rather than having an outgoing Director select any person they want for the position. CUNA and its members have a strong interest in ensuring that the CFPB at all times operates under proper direction of the official who is statutorily and constitutionally entitled to act as its Director.
“Americans deserve better than the political theater playing out at the CFPB right now,” said Jim Nussle, CUNA President/CEO. “It is important to have a process in place which assures leadership of the CFPB has transparency. We disagree that a non-accountable individual leaving office has Presidential appointment powers with no checks and balances in place.”
“As credit unions consider what services they can continue to offer their members, what their costs of compliance may be in the immediate future, and how they want to innovate, it is critical that they have certainty and transparency about the leadership of the CFPB,” continued Nussle. “The confusion stemming from this and other litigation surrounding this issue further demonstrate the need for a multi-person commission to lead the CFPB – consumers in need of financial services should not suffer as a result of political grandstanding.”
Uncertainty surrounding the CFPB’s leadership leaves credit unions guessing about the status of pending rules and rule effective dates, examination schedules, and the many other required credit union actions from the CFPB. This can directly impact daily operations and the ability to provide the safest and most affordable financial services on a daily-basis to their members.
You can read the brief here.
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.
