Arbitration

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.
  • December 13, 2013
    CFPB Study on Arbitration The CFPB released phase one of its study on December 12, 2013, regarding the use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of pre-dispute arbitration clauses in consumer markets. I am disappointed in the piecemeal release of data in connection with the...
  • December 13, 2013
    CFPB Releases First Phase of Arbitration Study In conjunction with a field hearing in Dallas, TX on Thursday, December 12, 2013, the CFPB released phase one of its study on consumer use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of pre-dispute arbitration clauses in consumer...
  • December 12, 2013
    Washington, D.C. (December 12, 2013) – Richard Hunt, president and CEO of the Consumer Bankers Association, issued the following response to the Consumer Financial Protection Bureau’s (CFPB) release of phase one of its study on the use of mandatory arbitration clauses in connection with consumer financial products and services. The Dodd-Frank Act requires the CFPB to conduct a study of the use of...
  • August 9, 2013
    CBA and Trades Urge CFPB to Provide Reasonable Compliance Grace Period On Monday, August 5, 2013, CBA led a joint trades letter with the Education Finance Council (EFC), the National Council of Higher Education Resources (NCHER), and the Student Loan Servicing Alliance (SLSA) to CFPB Director Richard Cordray urging the Bureau to immediately provide private student lenders and servicers with a 30-...
  • August 6, 2013
    Ladies and Gentlemen: The Financial Services Roundtable, the Consumer Bankers Association, and the American Bankers Association appreciate the opportunity to comment on the request by the Consumer Financial Protection Bureau (the “Bureau”) for information concerning a proposed survey of “consumer awareness of dispute resolution provisions in their agreements with credit card providers,” and “[w]...
  • June 21, 2013
    Amici Curiae AMICI’S INTEREST IN THIS CASE Many of Amici’s members, constituent organizations and affiliates (collectively, “Members”) have independently adopted as standard features of their consumer contracts provisions that call for individual arbitration of disputes arising from or relating to those contracts, upon the election of either party. They use arbitration because it is a prompt,...
  • June 7, 2013
    CFPB Expands Online Complaint Database On Friday, May 31, 2013, the CFPB announced the addition of credit reporting and money transfer complaints to its online database. The CFPB began accepting credit complaints in October 2012, and has added more than 6,000 of these to the database. The Bureau began accepting complaints for money transfers in April 2013. Additionally, all types of complaints...
  • April 26, 2013
    CFPB 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, 2013
    CFPB 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...
  • March 20, 2012
    Ombudsman released its third annual report detailing "inreach" within the Bureau, and summarizing the interactions with parties outside the CFPB in its information collection...

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