comment letter
Congressional Petition for CFPB Arbitration Rulemaking
Dear Director Chopra:
We write to express our grave concern that the Consumer Financial Protection Bureau (CFPB) has proposed regulations that clearly subvert past Congressional action and intent and may be preparing to do so once more. Specifically, any CFPB regulatory efforts regarding the use of pre-dispute arbitration provisions in contracts for consumer financial services – presumably in coordination with influence campaigns such as the recent petition for rulemaking (hereafter, ‘the petition’) and a supporting partisan letter from one side of the aisle in Congress – would represent a significant abuse of the CFPB’s power and rulemaking process.
