Supreme Court Ruling Creates More Uncertainty for CFPB’s Future

Monday’s U.S. Supreme Court ruling upending the leadership structure of the Consumer Financial Protection Bureau did little to quell the arguments over the controversial agency and its work.

For credit union trade group and critics of the agency, the ruling did not go far enough since it did not rule the single-director structure unconstitutional. They said they hope the decision will increase the chance that Congress will enact legislation converting the agency into a commission.

CFPB Announces Advisory Opinion Pilot Program

Under a new pilot program announced last week, credit unions and other financial institutions are now able to request an advisory opinion from the Consumer Financial Protection Bureau if they are uncertain about the application of bureau rules.

The agency will make certain requests and answers public in an effort to make its interpretation of rules clearer for the public.