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CUNA Files Amicus Brief Supporting Authorization of President to Appoint CFPB Director under Vacancies Reform Act
Wednesday, December 13, 2017 6:50 AM

CUNA announced that it will file an amicus brief in the U.S. District Court for the District of Columbia Tuesday in support of any U.S. president having the authority to appoint an interim director at the Consumer Financial Protection Bureau under the Vacancies Reform Act, rather than having an outgoing director select any person they want for the position.

"We believe this is important precedent to ensure transparency and accountability remain in place for American consumers, and aligns with our fierce 360-degree advocacy," Nussle wrote in the announcement. "Credit unions and their members need a CFPB that is operating under proper direction at all times by an official who is statutorily and constitutionally entitled to act as its director."

Nussle went on to write, "Uncertainty surrounding the bureau’s leadership leaves all of us guessing about the status of pending rules, rule effective dates, examination schedules, and much more. Credit unions and their members cannot afford to have uncertainty in these matters as they work to determine their immediate compliance costs and consider how they can further innovate.

"As an overarching matter, it is clear that the confusion stemming from litigation surrounding this issue further demonstrates the need for a multi-person commission to lead the CFPB. Such a commission would have allowed all of us to avoid this uncertainty, and ensure that American consumers remain protected while having access to affordable financial services."

You can read the brief here.