WASHINGTON—Ahead of a Senate hearing on arbitration in financial services products, NAFCU, CUNA and other industry trades sent a letter to the committee outlining what they said are the benefits of arbitration for consumers.
“Arbitration is a fair, effective, and less expensive means of resolving disputes compared to going to court and should be preserved for all consumers, including those utilizing financial services products,” wrote the trades.
The letter further states arbitration results in consumers recovering more money, resolving claims more quickly than litigation, and generally finding it easier to navigate than court procedures.
In 2017, the CFPB finalized an arbitration rule that would have prohibited the use of arbitration agreements to limit access to class action litigation. That rule was ultimately overturned by Congress using its Congressional Review Act authority.
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WASHINGTON—Ahead of a Senate hearing on arbitration in financial services products, NAFCU, CUNA and other industry trades sent a letter to the committee outlining what they said are the benefits of arbitration for consumers.
“Arbitration is a fair, effective, and less expensive means of resolving disputes compared to going to court and should be preserved for all consumers, including those utilizing financial services products,” wrote the trades.
The letter further states arbitration results in consumers recovering more money, resolving claims more quickly than litigation, and generally finding it easier to navigate than court procedures.
In 2017, the CFPB finalized an arbitration rule that would have prohibited the use of arbitration agreements to limit access to class action litigation. That rule was ultimately overturned by Congress using its Congressional Review Act authority.
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