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Repeal of the CFPB’s Arbitration Rule Is a Win for Credit Unions
Thursday, November 2, 2017 6:45 AM

President Donald Trump signed a joint resolution nullifying the Consumer Financial Protection Bureau’s arbitration rule yesterday. Cornerstone Credit Union League and Credit Union National Association supported the repeal and engaged in active advocacy during the process as the House and Senate voted to overturn the rule via the Congressional Review Act.

“We commend Congress and the Administration for recognizing the need for regulatory relief," said Cornerstone Regulatory Compliance Counsel Suzanne Yashewski. "Cornerstone will continue to push for credit union exemptions from burdensome regulations. As we move forward, this is a perfect example of how our voices can influence both Congress and regulatory agencies. We encourage credit unions to remain actively involved in industry advocacy efforts, such as commenting to FCC in support of CUNA’s petition for relief under the Telephone Consumer Protection Act by Monday, Nov. 6.” Comment on the TCPA.

“The repeal of the CFPB’s arbitration rule is a win for credit unions, as well as a positive sign that Congress is willing to intervene when it comes to ill-tailored rules not narrowly focused on abusers of consumers,” said CUNA President/CEO Jim Nussle. “CUNA, leagues and credit unions will build on this momentum that one-size-fits-all rulemaking from the CFPB does not make sense for smaller financial institutions like credit unions moving forward as we work to achieve additional regulatory relief objectives.” 

Cornerstone and CUNA have expressed numerous concerns with the CFPB's arbitration rule since it was finalized in July. Stopping the rule is a victory for CUNA’s Campaign for Common-Sense Regulation, launched earlier this year to see common-sense regulations enacted to remove barriers that keep credit unions from more fully serving their members.