Supreme Court to rule on CFPB structure

The U.S Supreme Court last week agreed to hear a case, filed by Seila Law, challenging the CFPB’s single-director structure. Last month, CFPB Director Kathy Kraninger notified congressional leaders that the bureau would no longer defend its director structure, following years of lawsuits and calls from various stakeholders.

“Regardless of how the Supreme Court rules – NAFCU still believes that a commission structure at the CFPB is absolutely essential to ensuring greater transparency and accountability,” said NAFCU president and CEO Dan Berger following the decision. “A commission would allow for more open debate, diversity of thought, and a stable leadership structure that would better serve consumers in the long-run.

But until Congress acts to implement this change, we will continue to work alongside CFPB Director Kathy Kraninger, who has been open to addressing the needs of credit unions and their 118 million members,” added Berger. “More so, as the only financial services trade association to oppose subjecting credit unions to CFPB authority, NAFCU will continue to push for the bureau to exempt credit unions from its rulemakings.”


continue reading »