June 29, 2020

Crapo Commends Supreme Court Ruling on CFPB’s Unconstitutional Structure

Notes structural changes still needed

WASHINGTON – U.S. Senator Mike Crapo (R-Idaho), Chairman of the U.S. Senate Committee on Banking, Housing and Urban Affairs, issued the following statement regarding the Supreme Court’s decision in Seila Law LLC vs Consumer Financial Protection Bureau (CFPB): 

“It has long been my position that the CFPB’s current single director structure lacks sufficient transparency and accountability, and today’s decision affirms that the fundamental structure of the agency must be reconsidered.  I continue to advocate for establishing a bipartisan board of directors to oversee the CFPB; subjecting the CFPB to the annual appropriations process, similar to other federal regulators; and establishing a safety-and-soundness check for the prudential regulators.”