The House of Representatives today passed a CUNA-backed resolution of disapproval for the Consumer Financial Protection Bureau’s arbitration rule that would restrict the use of arbitration agreements. CUNA sent a letter of support in advance of the House vote for H.J. Res. 111 and S.J. Res. 47.
“CUNA, the leagues and credit unions fully support Congress and its efforts to repeal the CFPB’s arbitration rule and we will continue to actively engage with the Senate on this important issue,” said Jim Nussle, CUNA president/CEO. “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.”