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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.
- February 23, 2017CBA LIVE: Record Attendance on the Way Blowing past our year over year attendance numbers, we are on pace for record attendance at CBA LIVE 2017: Where [ it ] Begins. With a sold-out exhibit hall, a lively debate between banks and FinTech scheduled, and a speaker lineup featuring U.S. Bank CEO Richard Davis, Salesforce Einstein VP of Marketing Jim Sinai, and entrepreneur and Super Bowl MVP Roger...
- January 20, 2017On Friday, January 20, 2017, White House Chief of Staff Reince Priebus issued a memo freezing new or pending regulations in efforts to give President Trump’s appointees a chance to review them. According to the memo, no new regulations should be sent to the Office of the Federal Register (OFR) until reviewed by a department or agency head appointed by President Trump. Further, any regulations...January 18, 2017On Wednesday, January 18, 2017, the House Financial Services Committee (HFSC) released its third installment in its series challenging the CFPB’s use of disparate impact in indirect auto lending. Throughout the report, the HFSC set forth arguments why it thinks the CFPB would not be able to prove a disparate impact claim in court, especially given last year’s Inclusive Communities Supreme Court...October 3, 2016Democratic presidential nominee Hillary Clinton and Sen. Sherrod Brown (D-Ohio) on Monday called for restrictions to the use of so-called “forced arbitration” clauses in consumer contracts, signaling a coordinated response to the accounts scandal at Wells Fargo & Co. In a speech to supporters today in Toledo, Ohio, the former secretary of State named Wells Fargo as a primary example of “...September 21, 2016As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration. What happened In May, the Bureau released a proposed rule that would prohibit the inclusion of mandatory arbitration clauses in new contracts that foreclose class action lawsuits, although arbitration...September 12, 2016September 12, 2016 The Honorable Jeb Hensarling Chairman Committee on Financial Services U.S. House of Representatives Washington, D.C. 20515 Dear Chairman Hensarling, The Consumer Bankers Association (CBA) applauds the goal of H.R. 5983, the Financial CHOICE Act of 2016, to reform the financial services regulatory framework and reduce regulatory burdens on financial institutions. CBA is the...August 26, 2016CBA Board Chairman Will Howle Appointed to CFPB Board Last week, the CFPB announced new appointments to its advisory board and councils, three of whom are CBA members. The Bureau appointed CBA Board Chairman Will Howle, President of U.S. Retail Banking at Citi, to serve on its Consumer Advisory Board; Cal Ratcliff , former CBA CFPB Committee Chairman, current CFPB Committee member and Bank of...August 24, 2016One of the noteworthy quotes from those old Bugs Bunny cartoons that involved Marvin the Martian included the phrase, “Well, back to the old drawing board.” That phrase also summarized the sentiment the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable emphasized when they crafted and submitted a 42-page rebuttal for the Consumer Financial...August 23, 2016The Consumer Bankers Association submitted a public comment in opposition of the Consumer Financial Protection Bureau’s proposed arbitration rule yesterday, just under the wire. The public comment period for the proposed rule also ended yesterday. “The proposed rule should not be made final, as proposed, because it is not in the public interest or for the protection of consumers,” CBA said in its...August 22, 2016August 22, 2016 The Honorable Richard Cordray Consumer Financial Protection Bureau 1700 G Street N.W. Washington, DC 20552 Re: Comments on the Bureau’s Proposed Arbitration Rule Dear Director Cordray: The American Bankers Association,1 the Consumer Bankers Association and the Financial Services Roundtable (collectively, the Associations) appreciate the opportunity to provide comments regarding...