Following the Consumer Financial Protection Bureau’s (CFPB) field hearing focused on arbitration, Ryan Donovan, chief advocacy officer of the Credit Union National Association (CUNA), released a statement:
“Credit unions are the only consumer-owned cooperatives in the financial marketplace, and have a proud heritage of protecting their members’ interests. Credit unions are more likely to resolve disputes without resorting to arbitration or litigation. CUNA is reviewing the CFPB proposals on arbitration to determine whether there are any potential adverse implications for credit unions.
“We are very appreciative that CUNA member John Rudy, senior vice president and chief lending officer at Bellco Credit Union, participated in today’s hearing and represented the voices of credit unions throughout the country.”