CBA Statement on CFPB Ruling

November 28, 2017

WASHINGTON, D.C. – Consumer Bankers Association President and CEO Richard Hunt released the following statement after U.S. District Court Judge Timothy J. Kelly ruled against Leandra English in her motion for a temporary restraining order against Mick Mulvaney as Acting Director of the Consumer Financial Protection Bureau:

“We look forward to working with Acting CFPB Director Mick Mulvaney to bring transparent and balanced consumer protections to all customers and small businesses. Many actions conducted previously by the CFPB as well as those that are pending warrant a thorough review and we support Mr. Mulvaney’s previous comments concerning a five-person bipartisan commission,” said CBA President & CEO Richard Hunt.

“If the CFPB were structured as a bipartisan commission, as originally intended, we could have avoided this week’s circus. A Senate-confirmed, bipartisan commission at the CFPB would ensure consumers benefit from a fair and accountable rulemaking process. Having a sole director structure, with unilateral rulemaking authority, does not provide the long-term stability and certainty consumers deserve.”

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About the Consumer Bankers Association

The Consumer Bankers Association represents America’s retail banks above $10 billion in assets. We advance legislation and promote policies geared toward creating a stronger industry and economy. Established in 1919, CBA’s corporate member institutions account for 1.6 million jobs in America, extend roughly $3 trillion in consumer loans, and provide $270 billion in small business loans. Follow us on Twitter @consumerbankers.