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Arbitration has been used as an alternative to litigation as a method of amicably resolving disputes for over 80 years. In many cases, arbitration has benefited consumers by providing quicker and less expensive alternatives to litigation. Also, consumers with low value claims tend to benefit from the arbitration process, as attorneys are more reluctant to represent consumers that have low value claims. CBA believes arbitration can be a less costly and more effective method of dispute resolution for consumers and businesses, and attempts to ban pre-dispute arbitration are potentially harmful to consumers and may result in increased costs to consumers and unnecessary delay in deciding controversies arising from disputes. CBA believes arbitration is a meaningful and effective process for consumers and businesses to resolve disputes, and CBA is committed to efforts to oppose anti-arbitration legislation.
- April 26, 2013CFPB Director Cordray Testifies Before Senate Banking Committee On Tuesday, April 23, 2013, CFPB Director Richard Cordray testified before the Senate Banking Committee on the CFPB’s Semi-Annual Report to Congress . The Committee discussed a number of pressing issues with Director Cordray, most notably, CFPB collection of “big data,” the consumer complaint database, indirect auto lending, student...
- February 22, 2013CFPB Consumer Advisory Board Meeting On Wednesday, February 20, 2013, the CFPB held a public meeting of the Consumer Advisory Board (CAB). The CAB is mandated by Section 1014 of the Dodd-Frank Act to advise and consult with the Bureau in the exercise of its function, and is required to meet at least twice a year. A list of the members can be found on the CFPB website . Though most of the business...