Arbitration

Impact

The CFPB's final rule changes the scope of the ability to use arbitration clauses in consumer financial contracts.

Where We Stand

In October, the Senate passed efforts to disapprove the rule under a Congressional Review Act challenge.  The rule will not go into effect.

CUNA asked the CFPB to consider the unique size and structure of credit unions. It pointed out that since credit unions are owned by their members, and, as not-for-profit financial cooperatives, they have incentive to, and a long history of prioritizing the needs of their members.

What We've Told Lawmakers & Regulators
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Research & News

The Consumer Financial Protection Bureau's (CFPB) arbitration rule is the latest harmful example of one-size-fits-all regulations and must go, CUNA President/CEO Jim Nussle wrote in Morning Consult

 

 

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