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July 28, 2017

CFPB’s Arbitration Rule No Favor for Consumers

In a recent opinion piece Veronique de Rugy, a senior research fellow at the Mercatus Center at George Mason University, writes about the Consumer Financial Protection Bureau (CFPB), noting there is something “particularly off-putting about an agency that is so self-righteous in trumpeting its virtuous defense of consumers but nevertheless keeps finding ways to make them worse off.”

The latest example of CFPB overreach, according to de Rugy, comes in the form of a rule prohibiting financial services companies from including arbitration clauses in their contracts. This is a misguided decision for several reasons, including that the CFPB’s own research to justify the rule is methodically flawed.

This anti-arbitration rule “must be addressed” concludes de Rugy. It is Congress’ job to “stand in the way of the CFPB’s jabs at the American economy.”

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