WASHINGTON, D.C. (June 29, 2020) — MBA President and CEO Bob Broeksmit, CMB, released the following statement regarding the Supreme Court ruling in the case of Seila Law LLC v. Consumer Financial Protection Bureau (CFPB).

“MBA believes that severing the provision related to the independence of the CFPB’s Director was the appropriate remedy if the Court found the Bureau’s structure to be unconstitutional. While we may not agree with every action the Bureau has taken in the past, today’s ruling will ensure the Bureau’s rules that our members and the nation’s consumers have come to rely on remain in place. We look forward to continuing conversations on the best structure for the CFPB as it fulfills its important statutory mandates to create strong consumer protections and promote financial opportunity.”