Newsroom

FOR IMMEDIATE RELEASE

Washington (Feb. 16, 2017) — National Association of Federally-Insured Credit Unions (NAFCU)President and CEO Dan Berger today issued a brief statement regarding the U.S. Court of Appeals for the D.C. Circuit granting the CFPB's petition appealing the court's initial decision in PHH Corporation v. CFPB. In that decision, the court found the agency's structure was unconstitutional on grounds that the bureau is headed by a single director who can only be removed for cause.

"NAFCU will continue to monitor the developments in this litigation," said NAFCU President and CEO Dan Berger.

In addition to granting the CFPB's petititon, the court also ordered that the three-judge panel's ruling this past October be vacated and that oral arguments will be heard May 24.

In its petition filed in November, the CFPB argued against the court's decision on grounds that it would interfere with Congress's ability to create independent agencies led by a single director. The CFPB pointed to other independent agencies, including the Social Security Administration, the Federal Housing Finance Agency and Office of Special Counsel, to help make its case.

After the court's initial ruling in October, NAFCU urged an immediate moratorium at the bureau on any rulemakings not already implemented.

The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation's federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go towww.nafcu.orgor@NAFCUon Twitter.

Patty Briotta
Director of Public Relations
Office:703-842-2820
pbriotta@nafcu.org