ICBA Statement on Supreme Court Hearing CFPB Constitutionality Case
Washington, D.C. (Oct. 18, 2019)—Independent Community Bankers of America® (ICBA) President and CEO Rebeca Romero Rainey issued this statement following the U.S. Supreme Court’s announcement that it would hear a case on the constitutionality of the Consumer Financial Protection Bureau’s single-director governance.
“ICBA applauds the Supreme Court decision to hear Seila Law vs. the Consumer Financial Protection Bureau, a case challenging the constitutionality of the CFPB’s single-director leadership structure.
“ICBA is a long-time supporter of replacing single-director governance with a five-member commission as it would allow for diverse views and expertise on issues before the CFPB and build in a system of checks and balances. “A commission would promote measured and non-partisan agency decision making which over time is more likely to result in balanced, high-quality rules and effective consumer protection.”
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish. With more than 50,000 locations nationwide, community banks constitute 99 percent of all banks, employ nearly 750,000 Americans and are the only physical banking presence in one in three U.S. counties. Holding more than $5 trillion in assets, nearly $4 trillion in deposits, and more than $3.4 trillion in loans to consumers, small businesses and the agricultural community, community banks channel local deposits into the Main Streets and neighborhoods they serve, spurring job creation, fostering innovation and fueling their customers’ dreams in communities throughout America. For more information, visit ICBA’s website at www.icba.org.