FOR IMMEDIATE RELEASE
February 27, 2023
Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra shared his first public statements reacting to the Supreme Court's announcement to hear the case challenging the funding mechanism of the CFPB at the Credit Union National Association Governmental Affairs Conference (CUNA GAC) Monday afternoon.
“We’re very pleased the Supreme Court is reviewing the 5th Circuit’s decision. At the end of the day we actually want there to be certainty about rules that were written 10 years ago, safe harbors put into place. We don’t want a situation where financial institutions all over the country are getting sued because of a lack of clarity of actions. I’m hopeful this is the next step to create that clarity, and we’ll let the process move forward,” said Chopra.
CUNA has long supported placing the CFPB under the traditional appropriations process.
The 5th U.S. Circuit Court of Appeals found the CFPB’s funding mechanism unconstitutional in an October decision. The three-judge panel found placing the bureau’s funding outside of the process violates the U.S. Constitution’s structural separation of powers.
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