CUNA Backs Senate Repeal of CFPB Arbitration Rule

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.”

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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.