Removing Barriers Blog

SCOTUS Amicus Filed on CFPB Structure!
Posted December 16, 2019 by CUNA Advocacy

Today CUNA filed an amicus brief with the U.S. Supreme Court in a case considering the constitutionality of the CFPB’s single-Director structure and the appropriate remedy to cure any constitutional defect. 

In the brief, CUNA agrees with Seila Law and the CFPB in arguing that the Bureau’s current structure does not pass constitutional scrutiny and violates the separation of powers. CUNA argues that the creation of a multi-member leadership commission would remedy the defect while preserving the consumer protection benefits of the agency. To achieve this, CUNA encourages the Court to hold Title X unconstitutional but stay the effect of that decision for 6-months to allow the political branches time to enact such a commission structure to lead the Bureau.

Oral arguments will be heard by the Court on March 3, 2020. 

Since the Bureau’s creation, CUNA has sought to change to the CFPB’s leadership structure to a multi-member commission. Such a commission would mitigate dramatic swings to the regulatory pendulum and require any official action to be conducted in an open and transparent process to the benefit of consumers and regulated entities.