TBA CEO statement on Supreme Court decision on CFPB funding

(AUSTIN) – Texas Bankers Association President and CEO, Chris Furlow, released the following statement on the Supreme Court’s decision on the Consumer Financial Protection Bureau’s funding structure:

“This decision makes our suit with Rio Bank and ABA even more important. If, as SCOTUS ruled, Congress lawfully enabled CFPB funding, it should follow that CFPB must adhere to laws established by Congress. The Administrative Procedure Act was instituted by Congress, CFPB is subject to it, but the Bureau has repeatedly and unlawfully failed to follow it. This is a key element to our ongoing 1071 challenge, and we look forward to making the case.”

TBA and Rio Bank of McAllen, TX, were original plaintiffs in the lawsuit challenging CFPB’s 1071 Final Rule.

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