Removing Barriers Blog

CUNA Applauds Congress for Efforts to Repeal the CFPB’s Arbitration Rule

The House of Representatives passed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would restrict the use of arbitration agreements by a partisan vote of 231-190.  

Prior to the vote, CUNA sent a letter to Speaker Paul Ryan and Majority Leader Mitch McConnell in support of S.J. Res 47 and H.J. Res 111 – the resolution of disapproval under the authority provided by the Congressional Review Act concerning the CFPB’s final rule on arbitration.   

CUNA, the Leagues and credit unions fully support Congress and their efforts to repeal the CFPB’s arbitration rule. Credit unions frequently work with members to provide refunds, work out payment plans, and find other solutions to resolve a dispute. In its final rule the CFPB declined to recognize the unique size and structure of credit unions in the rule or the harm that class action litigation can cause to credit unions and their members. 

America’s credit unions are appreciative of the work done in the House and will continue to actively engage with the Senate on this important issue.  The Senate is expected to take up the resolution of disapproval when they return from their August recess in September.