“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.” --MBA President & CEO Robert Broeksmit, CMB, on yesterday's Supreme Court ruling on the constitutionality of the structure of the Consumer Financial Protection Bureau.

This week’s chart shows how the U.S. Census Bureau’s new home sales series has compared to our Builder Applications Survey data from 2019 through May 2020. The BAS has been a reliable leading indicator of Census’ new home sales data.