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Senate Votes to Repeal Arbitration Rule
Wednesday, October 25, 2017 6:45 AM

The Senate voted Tuesday in favor of a resolution to repeal the Consumer Financial Protection Bureau’s arbitration rule under the Congressional Review Act. With the House approving the resolution of disapproval in July, H.J. Res. 111 will now go to President Trump for his signature, expected in the coming days.

“We’re grateful that the Senate, and the House, recognized that the CFPB's arbitration rule did not benefit credit unions members,” said CUNA President/CEO Jim Nussle. “This rule ignored the different size and member-ownership structure of credit unions and instead treated them as akin to abusive Wall Street banks. The CFPB's rule encourages credit union members to act against their own best-interest by engaging in costly class action litigation, which depletes the resources of the membership as a whole and instead benefits trial lawyers most. This rule was just the latest example of the one-size-fits-all rulemaking coming from the CFPB and thankfully Congress acted to remedy the situation.”

Along with CUNA, Cornerstone, other leagues, credit unions, and members enacted 360-degree advocacy by telling legislators loud and clear that this kind of regulation is unacceptable and inappropriate given our member-ownership structure. They listened. Yesterday's congressional action, combined with several other recent legislative victories, shows that the Campaign for Common-Sense Regulation is resonating with members of Congress on both sides of the aisle. Thanks to your support, policymakers more clearly understand that increased regulations are harming some of the consumers they're intended to protect.