CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » SCOTUS rules that FHFA director can be removed at will
Press

SCOTUS rules that FHFA director can be removed at will

June 23, 2021

FOR IMMEDIATE RELEASE
June 23, 2021
Washington, DC

 

The U.S. Supreme Court ruled Wednesday that the director of the Federal Housing Finance Agency can be removed at will by the president, overturning the current structure that allows the director to be removed before the end of their five-year term for cause. The decision in Collins v. Yellen found that the FHFA’s structure is unconstitutional.

“We’re disappointed in today’s decision as it removes political independence from an entity that affects the entire financial services marketplace,” said CUNA President/CEO Jim Nussle. “Stability at the FHFA is vital to the stability of the entire secondary mortgage market.”

The decision is similar in nature to the one in Seila Law v. CFPB, which found in June 2020 that severed the “for cause” removal provision in the Dodd-Frank Act, effectively allowing any president to remove the CFPB director at will. The Court applied the same analysis here, affirming the lower court’s decision to sever language in the Housing and Economic Recovery Act of 2008 establishing the unconstitutional structure.

Current FHFA Director Mark Calabria was appointed to lead the FHFA by President Donald Trump in April 2019.

 

##      

About CUNA:           
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 120 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org. To find your nearest credit union, visit YourMoneyFurther.com.

CONTACT:
Lauren Williams
CUNA Communications
202-672-3396 

Credit Union Magazine: Spring 2023

Spring 2023

Credit Union Magazine’s Spring 2023 issue features the 2023 Credit Union Heroes and examines CUNA-League advocacy priorities, board leadership, the impact of financial well-being efforts, fee-related compliance issues, predictions for the year ahead, and more.
Digital Edition •  Subscribe

Trending

  • CUNA Mascot Madness: Voting opens for East Region

  • Mascot Madness: East winner crowned; Midwest voting opens

  • League leaders highlight credit union difference, safety, soundness

Tweets by CUNA_News

Polls

CUNA Mascot Madness: Which Midwest Region mascot is your favorite?

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us