In the wake of a recent Supreme Court ruling, Rebeca Romero Rainey, President and CEO of the Independent Community Bankers of America (ICBA), has issued a statement regarding the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure.
Rainey stated, "While the Supreme Court has upheld the CFPB's funding structure, ICBA looks forward to judicial review of the CFPB’s 1071 small-business data collection and reporting rule. We have long said the bureau exceeded its statutory authority and failed to comply with the Administrative Procedures Act when it finalized the rule."
She further emphasized that ICBA and community banks nationwide will continue to support legislation aimed at curbing excessive regulatory burdens imposed by CFPB that hinder access to credit. These include measures such as the CFPB Transparency and Accountability Reform Act, Small Lenders Exempt from New Data and Excessive Reporting Act, Bank Loan Privacy Act, and Rectifying UDAAP Act.
Rainey concluded her statement by affirming ICBA's commitment to mitigating negative impacts caused by overly burdensome CFPB rulemakings on community banks and their local communities.
The ICBA is an organization dedicated to creating an environment where community banks can thrive. As trusted sources of credit in their communities, these banks use their relationship-based business model and innovative offerings to channel deposits into their neighborhoods, thus promoting job creation, economic prosperity, and helping customers achieve their financial goals. For more information about ICBA's mission and activities, visit icba.org.