Removing Barriers Blog

Arbitration CRA Update: CRA Signed by President Trump
Posted November 02, 2017 by ManojBhoi

It’s official – the resolution to repeal the Consumer Financial Protection Bureau’s Arbitration rule has been signed into law by the President. 

Last week, the CUNA-League System showed its force on Capitol Hill when the Senate passed a resolution to repeal the Consumer Financial Protection Bureau’s arbitration rule under the Congressional Review Act (CRA).  The House of Representatives passed their resolution in July.   

CUNA was an early opponent of the rule and was integral in the resolution passing the Senate.  CUNA’s opposition and concerns with the rule were expressed to the CFPB, Treasury, Congress, and in the media (on more than one occasion).    

CUNA appreciates Congress and the President recognizing that this rule ignored the different size and member-ownership structure of credit unions and instead treated them as akin to abusive Wall Street banks. This rule was just the latest example of the one-size-fits-all rulemaking coming from the CFPB and thankfully Congress and the President acted to remedy the situation.