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FOR IMMEDIATE RELEASE | January 31, 2018

NAFCU Reacts to U.S. Court of Appeals Decision on CFPB's Constitutionality

FOR IMMEDIATE RELEASE

Washington (Jan. 31, 2018) -- National Association of Federally-Insured Credit Unions (NAFCU) President and CEO Dan Berger today responded to the U.S. Court of Appeals for the D.C. Circuit decision to uphold the Consumer Financial Protection Bureau's (CFPB) constitutionality in the PHH Corp. lawsuit against the bureau – reversing the court's opinion from 2016.

"While the court upheld the CFPB's structure as constitutional, NAFCU still supports changing the leadership of the bureau from a single director to a five-person commission," said Berger. "NAFCU was the only financial services trade association to oppose subjecting credit unions to CFPB authority under the Dodd-Frank Act, and our view on that has not changed. We will continue to push for the bureau to exempt credit unions from current and future rulemakings."

Last March, NAFCU and 12 other trade associations filed an amicus brief in support of PHH's underlying challenge to the CFPB's interpretation of the Real Estate Settlement Procedures Act.

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.

Jacqueline Ramsay
jramsay@nafcu.org