ICBA Statement Following Supreme Court Ruling on CFPB Funding Structure

Washington, D.C. (May 16, 2024) — Independent Community Bankers of America (ICBA) President and CEO Rebeca Romero Rainey issued the following statement on today’s Supreme Court ruling on the constitutionality of the Consumer Financial Protection Bureau’s funding structure.

“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.

“Meanwhile, ICBA and the nation’s community banks will continue to strongly support legislation to rein in the CFPB’s excessive regulatory burdens that impede access to credit, including the CFPB Transparency and Accountability Reform Act, the Small Lenders Exempt from New Data and Excessive Reporting Act, the Bank Loan Privacy Act, and the Rectifying UDAAP Act.

“ICBA will continue working through every available channel to mitigate the negative impact of excessively burdensome CFPB rulemakings on community banks and the local communities they serve.”

About ICBA

The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.