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May 19, 2016

House Panel Rips CFPB Anti-Arbitration Proposal

A House Financial Services Subcommittee hearing yesterday “questioned whether the Consumer Financial Protection Bureau (CFPB) overstepped its bounds” with its proposed anti-arbitration rule. 

Members and witnesses questioned whether the proposal contradicts the CFPB’s own study, which suggested consumers fare better under arbitration than under class actions.  

Rep. Randy Neugebauer (R-TX) also said the CFPB’s study findings “failed to meet Dodd-Frank’s standards for action,” reports The Hill.

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