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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.
- October 20, 2017Cordray, Noreika Arbitration Spat Heats Up CFPB Director Richard Cordray and Acting OCC Comptroller Keith Noreika continue to publicly air their disagreements over the merits of the CFPB’s arbitration rule. Recently, both agency heads published dueling op-eds in The Hill challenging each other’s views of the rule. This week, the debate continued to escalate as both challenged the validity of the...
- October 2, 2017The latest attack on the Consumer Financial Protection Bureau ’s arbitration rule comes from the finance industry, with several finance groups and chambers of commerce filing a lawsuit challenging the rule. According to a Ballard Spahr blog on the lawsuit by Mark Levin and Alan Kaplinsky, the lawsuit seeks to stay the implementation of the arbitration rule. The U.S. Chamber of Commerce , American...
- October 2, 2017Both sides are digging in, as an effort to repeal a rule published by the Consumer Financial Protection Bureau heads for the U.S. Senate. The CFPB rule, which was published in July, severely limits lenders’ ability to compel consumers to submit disputes to binding arbitration instead of taking disputes to court, and makes it easier for consumers to file class-action lawsuits. Binding arbitration...
- October 2, 2017A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms. The litigation, filed Friday in a federal court in Dallas, challenges the CFPB’s controversial effort to curb forced arbitration. The plaintiffs include the chamber,...
- October 2, 2017WASHINGTON—A coalition representing financial companies sued the Consumer Financial Protection Bureau Friday, challenging a new rule making it easier for consumers to band together to sue over complaints about bank accounts, credit cards and payday loans. The groups—a range of finance trade groups and the U.S. Chamber of Commerce—are fighting a rule released in July barring fine-print...
- September 15, 2017Preserve Arbitration: A Cost-Effective Alternative to Litigation How do consumers resolve disputes? Overwhelmingly, disputes between consumers and companies are resolved through informal channels and do not elevate to formal proceedings. Companies have strong incentives to maintain deep, well-informed, mutually satisfactory relationships with customers. Disputes rise to the level of a formal...August 25, 2017Director Cordray: Time to Decide It is well past time Director Richard Cordray clarify his intentions to run for public office as the speculation has become a distraction and now casts a shadow over the impartiality of the CFPB. We need to have stability at the CFPB. The current limbo – will he or won't he? – is just the latest reason why a Senate-confirmed, bipartisan commission must be...August 4, 2017CBA Executive Banking School Class of 2017, Top Student Honored The future of retail banking looks bright with CBA Executive Banking School’s Class of 2017 carrying the torch, and I am proud to congratulate our graduates on their accomplishments. Our school is devoted to the idea that a successful banker is one who understands how to operate a bank from the ground up. After three years of...July 28, 2017CBA Executive Banking School is in Full Swing CBA’s 66th session of Executive Banking School is off and running! This week, nearly 300 students joined us at Furman University in Greenville, S.C. to hone their retail banking skills. Thank you to Dennis Devine , CBA Board Member and Co-President of Key Community Bank, Kelly King , President and CEO of BB&T Bank, and our distinguished faculty...July 27, 2017Now it’s the Senate’s turn. The House approved resolution on Tuesday leveraging authority provided under the Congressional Review Act (CRA) to stop the Consumer Financial Protection Bureau’s final rule prohibiting the use of class action waivers in arbitration clauses. Despite all House Democrats and one Republican voting against H.J. Res 111, the resolution cleared the chamber by a vote of 231-...