FOR IMMEDIATE RELEASE
October 19, 2022
The 5th U.S. Circuit Court of Appeals found the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional Wednesday. CUNA has long supported placing the CFPB under the traditional appropriations process.
“The court’s decision today is consistent with CUNA’s longstanding position that CFPB funding go through the standard appropriations process,” said CUNA President/CEO Jim Nussle. “It’s been clear this is the most appropriate avenue since the very start of the CFPB, as it would provide addition Congressional oversight and incentivize the bureau to focus its attention on bad actors causing real harm to consumers.”
The three-judge panel found placing the bureau’s funding outside of the process violates the U.S. Constitution’s structural separation of powers.
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 130 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.