Wednesday, May 22, 2019

Bank and CU Trade Groups Write in Opposition of Amendment to Reinstate Flawed Arbitration Rule

Bank and credit union trade groups wrote a joint letter on May 21 to members of the House of Representatives opposing a proposed amendment to H.R. 1500 (Consumers First Act) that would reinstate the Consumer Financial Protection Bureau's arbitration rule.

The trade group wrote: "Returning to this flawed rule would undermine the ability of the members of our organizations to continue to offer arbitration, which is a convenient, simple, and efficient dispute resolution process for our customers."

Congress under the Congressional Review Act in 2017 disapproved the arbitration rule.

The amendment was introduced by Representative Al Green (D-TX).

The House of Representatives is expected to consider H.R. 1500 and its amendments in the coming days.

The trade groups signing the letter are the American Bankers Association, Bank Policy Institute, Consumer Bankers Association, Credit Union National Association, and the National Association of Federally Insured Credit Unions.

Read the letter.
Posted by at
Labels: ,

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)
 

The content is provided for educational purposes only, with the understanding that neither the authors, contributors, nor the publishers of this site are engaged in rendering legal, accounting or other expert or professional services. If legal or other expert assistance is required, the services of a competent professional should be sought.

Comments appearing in response to articles appearing on this site do not necessarily reflect the views of the ABA. ABA makes no representations regarding the truth or accuracy of commentary or opinions that may be posted in response to the articles that appear on this website.

The inclusion herein of any link to a website, either in the text of an article or in a comment, does not denote any approval, sponsorship, or endorsement by the ABA, and ABA is not responsible for the content or opinions expressed on those linked websites or related commentary. This content is not licensed to third parties sites and is not affiliated with any third party site. Any reference to the author or this content on any third party site on the Internet is not authorized by the ABA.

It is the policy of the American Bankers Association to comply fully with all antitrust laws. Certain discussions should be considered off-limits, including those that contain competitively sensitive data such as price and cost information, or statements that could be construed as reflecting an attempt or desire to control or influence a particular market or markets. Future pricing or other prospective competitive information should never be shared.