CUNA
  • Advocacy
    • Priorities we’re fighting for
    • Actions you can take
  • News
  • Learn
  • Compliance
  • Shop
  • CUNA News
    • Policy & Issues
    • CU System
  • Credit Union Magazine
    • Technology
    • Lending
    • Compliance
    • Marketing
    • Management
    • Operations
    • Human Resources
    • Volunteers
  • Advertise
  • Contact
  • Subscribe
  • Buyers' Guide
  • Awards
    • CU Rock Star
    • CU Hero
Learn More about Member Value

News

Member Benefits
Learn more
Learn more about the benefits of membership.
Home » CUNA Backs Senate Repeal of CFPB Arbitration Rule
Press

CUNA Backs Senate Repeal of CFPB Arbitration Rule

October 25, 2017

FOR IMMEDIATE RELEASE

Contact: Vicki Christner – CUNA Communications; 202-329-9950; vchristner@cuna.coop

Washington, DC (October 25, 2017) – The Senate today passed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would restrict the use of arbitration agreements. CUNA sent a letter of support in advance of the vote for H.J. Res. 111, and supported arbitration repeal in the House of Representatives in July.

“We’re grateful that the Senate, and the House, recognized that the CFPB's arbitration rule did not benefit credit unions members,” said CUNA President/CEO Jim Nussle. “This rule ignored the different size and member-ownership structure of credit unions and instead treated them as akin to abusive Wall Street banks. The CFPB's rule encourages credit union members to act against their own best-interest by engaging in costly class action litigation which depletes the resources of the membership as a whole and instead benefits trial lawyers most. This rule was just the latest example of the one-size-fits-all rulemaking coming from the CFPB and thankfully Congress acted to remedy the situation.”

###

About CUNA
Credit Union National Association (CUNA) is the only national association that advocates on behalf of all of America’s credit unions, which are owned by 110 million consumer members. CUNA, along with its network of affiliated state credit union leagues, delivers unwavering advocacy, continuous professional growth and operational confidence to protect the best interests of all credit unions. For more information about CUNA, visit cuna.org.

  • Related Articles

    Repeal of the CFPB’s arbitration rule is a win for credit unions

    CUNA pushes Senators to back arbitration repeal resolution

    CUNA backs use of CRA to repeal CFPB arbitration rule

This Month Payments: Perils and Promise

Payments: Perils and Promise

The payments arena offers new opportunities to connect with members.
Cards Are (Still) King

Cards Are (Still) King

Credit and debit cards still drive the competitive payments market.
Open Banking on its Way

Open Banking on its Way

Prepare for the impact it will have on member relationships and competitive positioning.
App Digital Edition Subscribe

Trending

  • Compliance: New mortgage servicing rules now effective

  • Senate OKs CUNA-backed disapproval of CFPB lending bulletin

  • Nussle issues statement after NCUA responds to Sen. Hatch

Tweets from @CUmagazine and @CUNA_News

Polls

How often do you talk to the board about compensation?

View Results
More

Champion of America’s Credit Unions

Credit Union National Association is the only national association that advocates on behalf of all of America’s credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • About
  • Careers
  • Contact Us
  • Recommended Websites

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Vendors