President Donald Trump signed the joint resolution nullifying the Consumer Financial Protection Bureau’s (CFPB) arbitration rule Wednesday. CUNA supported the repeal, and engaged in active advocacy during the process as the House and Senate voted to overturn the rule via the Congressional Review Act.
“The repeal of the CFPB’s arbitration rule is a win for credit unions, as well as a positive sign that Congress is willing to intervene when it comes to ill-tailored rules not narrowly focused on abusers of consumers,” said CUNA President/CEO Jim Nussle. “CUNA, leagues and credit unions will build on this momentum that one-size-fits-all rulemaking from the CFPB does not make sense for smaller financial institutions like credit unions moving forward as we work to achieve additional regulatory relief objectives.”
CUNA expressed numerous concerns with the rule since it was finalized in July. CUNA raised those concerns in meetings and communications with the CFPB, Treasury, Congress and in media outlets on multiple occasions.
Stopping the rule is a victory for CUNA’s Campaign for Common-Sense Regulation, launched earlier this year to see common sense regulations enacted to remove barriers keeping credit unions from more fully serving their members.