Washington, D.C. – October 24, 2017 – The following statement is attributed to Jason Oxman, CEO, Electronic Transactions Association (ETA), regarding the Senate vote on a resolution to disapprove the Consumer Financial Protection Bureau’s (CFPB) rule under the Congressional Review Act:
“ETA applauds the Senate for using the Congressional Review Act to address the problems with the CFPB’s regulations on arbitration clauses. Arbitration is a simpler, flexible, faster and a more confidential process than turning to the courts to settle issues between consumers and financial companies.
As the CFPB noted in their own study, and as Treasury confirmed it its report, the majority of consumers who filed arbitration disputes did far better financially than those filed in class-action. We thank Congress for stepping in to prevent the detrimental impact this rule would have on consumers and businesses alike. We encourage President Trump to sign the measure into law.”