ICBA Applauds Final Passage of Resolution Blocking CFPB Arbitration Ruling

by PaymentsJournal 0

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Washington, D.C (Oct. 25, 2017)—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine issued the following statement on Senate passage of a resolution (H.J. Res. 111) to void the Consumer Financial Protection Bureau’s (CFPB) final rule restricting the use of consumer arbitration agreements. Following House passage of the same resolution in July, the vote sends the resolution to President Trump to be signed into law.

“ICBA thanks Congress for moving swiftly to preserve community banks’ contractual right to pursue fair and timely resolution through arbitration and avoid prohibitively expensive and protracted litigation.

“Community banks’ livelihood depends on their fair and equitable treatment of customers. Arbitration is a well-established and tested process that offers better results for consumers and helps avoid frivolous class-action suits, which serve the interest of trial lawyers at the expense of community banks and consumers.

“ICBA thanks Senate Banking Committee Chairman Mike Crapo (R-Idaho) for his leadership on this issue and all the members who voted to pass this important resolution.”

About ICBA

The Independent Community Bankers of America®, the nation’s voice for more than 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.