May 17, 2024 – Minneapolis, Minnesota – The Consumer Financial Protection Bureau’s funding structure through the Federal Reserve was found constitutional in a highly-anticipated decision by the U.S. Supreme Court in Community Financial Services Association of America Ltd v. CFPB.
“ACA has long advocated for greater oversight of the CFPB to create a balance that considers the full impact of its regulations,” said ACA CEO Scott Purcell. “ACA will continue to advocate for greater bureau oversight, data driven decision-making and that all stakeholders are involved in its rulemaking processes. Politically driven policymaking can harm the consumers the bureau was founded to protect. Without more congressional oversight, a step is missing to mitigate the bureau’s actions that appear to be outside the scope of its mission.”
ACA filed an amicus brief (PDF) in the case. ACA respects the process that brought the Supreme Court’s decision and will continue to advocate for more congressional oversight of the bureau to protect consumers and regulated entities.
ACA International (ACA), the association of credit and collection professionals, is the largest membership organization in the credit and collection industry. Founded in 1939, ACA brings together third-party collection agencies, law firms, asset buying companies, creditors and vendor affiliates, representing tens of thousands of industry professionals. ACA produces a wide variety of products, services and publications, including educational and compliance-related information; and articulates the value of the credit and collection industry to businesses, policymakers and consumers. www.acainternational.org.
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