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CBA Statement on U.S. Court of Appeal’s PHH vs. CFPB Decision
Washington, D.C. (October 11, 2016) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), today released the following statement in response to the U.S. Court of Appeals for the District of Columbia’s decision in PHH Corporation v. CFPB.
“We agree with the DC Circuit Court of Appeals when it said in the decision “the deliberative process and multiple viewpoints in a multi-member independent agency can help ensure that an agency does not wrongly bring an enforcement action or adopt rules that unduly infringe individual liberty.” For this reason, we still assert a five-person, bipartisan board would preserve the Bureau as a strong, stable and effective regulator that would give the banking system certainty and consistency, regardless of a President Trump or Clinton,” said President and CEO Richard Hunt
“We applaud the court’s decision to repeal the amplified penalty on PHH. At the same time, the decision puts the CFPB under the direct control of the Administration to resolve the Constitutional question. This means the CFPB would no longer be an independent agency, as originally intended. Congress could resolve both problems by creating a commission to run the agency, in place of a sole director.”
You may read CBA's Amicus Brief here.
You may read CBA's analysis of the ruling here.
You may read Richard Hunt's joint op-ed here.
The Consumer Bankers Association (CBA) is the trade association for today's leaders in retail banking - banking services geared toward consumers and small businesses. The nation's largest financial institutions, as well as many regional banks, are CBA corporate members, collectively holding two-thirds of the industry's total assets. CBA’s mission is to preserve and promote the retail banking industry as it strives to fulfill the financial needs of the American consumer and small business.