U.S. Chamber Commends Supreme Court Ruling that Holds CFPB Accountable

Monday, June 29, 2020 - 12:15pm

WASHINGTON, D.C. - Tom Quaadman, executive vice president for Center for Capital Markets Competitiveness, U.S. Chamber of Commerce, released the following statement after today’s Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB):

“We are pleased that today’s Supreme Court ruling will make the Consumer Financial Protection Bureau accountable to the political branches, thereby aligning the governing rules of CFPB with every other executive department headed by a single individual and providing the opportunity to establish a bipartisan structure in the future. This will help ensure consumers have choice and opportunity in a safe marketplace.

“The CFPB was originally proposed as a multimember commission, like many of its peer financial regulators, to allow for bipartisan views and accountability to Congress, and today’s ruling will help ensure greater due process protections. The Chamber looks forward to working with the Administration and Congress to reform the CFPB so that it provides more transparency and clear guidance for businesses to better serve consumers.”