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CBA Statement on Today’s CFPB Arbitration Announcement to Fatten Trial Lawyers’ Wallets
Washington, D.C. (October 7, 2015) – Richard Hunt, President and CEO of the Consumer Bankers Association (CBA), released the following statement in response to the Consumer Financial Protection Bureau’s (CFPB) announcement at today’s arbitration field hearing in Denver, Colorado:
“Arbitration has provided consumers the benefits of quick and easy access to an affordable dispute resolution option for nearly 90 years. As a last resort, if legal recourse is necessary, arbitration has proven to be the best path forward because it is mutually beneficial to all parties—consumers and lenders. We are disappointed the Bureau, despite numerous studies and the CFPB’s own report, is choosing to side with trial attorneys over the interests of consumers. Given today’s announcement is not final, we hope the CFPB will reconsider its decision,” said CBA’s President and CEO Richard Hunt.