ETA Statement on the D.C. U.S. Court of Appeals Rule on CFPB

October 11, 2016 – The Electronic Transactions Association (ETA) supports the U.S. Court of Appeals for the District of Columbia Circuit ruling that the Consumer Financial Protection Bureau (CFPB), as they are currently structured, is unconstitutional. ETA has long supported efforts by Congress to restructure the CFPB to make it more accountable.

“Protecting consumers from wrong-doing is an important goal, but proper oversight and accountability in an agency is critical to achieve important protections for Americans,” said Scott Talbott, SVP of government relations at ETA. “That is why ETA is encouraged by the courts ruling and is hopeful that legislation like H.R.1266, that would move the CFPB to a five-person bipartisan commission, and S. 3318, that would make the CFPB subject to annual appropriations, will be considered.”

About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers. For more information, visit www.electran.org.

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