Supreme Court schedules oral arguments in CFPB structure challenge

The U.S. Supreme Court is currently scheduled to hold oral arguments March 3, 2020, in the lawsuit filed by Seila Law challenging the CFPB’s single-director structure. The CFPB previously announced it would no longer defend its director structure, following years of lawsuits and calls to reform it from various stakeholders.

Following the Supreme Court’s decision to take up the case, NAFCU President and CEO Dan Berger reiterated the association’s stance “that a commission structure at the CFPB is absolutely essential to ensuring greater transparency and accountability.”

The association works closely with the bureau and CFPB Director Kathy Kraninger on a number of issues affecting the credit union industry – including recent efforts related to small business lending data collection, debt collection, innovation, and more – and is set to meet with CFPB officials and staff in a series of meetings this week. Kraninger also attended NAFCU’s Congressional Caucus in September where she gave an update on the bureau’s efforts to eliminate regulatory duplication.

 

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