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May 6, 2016

Media Continues to Cover ILR’s Opposition to CFPB Anti-Arbitration Proposal

National media continues to report on opposition to the Consumer Financial Protection Bureau’s (CFPB) proposed anti-arbitration rules.

Bloomberg BNA reports on the joint statement from ILR President Lisa A. Rickard and US Chamber Center for Capital Markets Competitiveness President David Hirschmann, who said, “In the 50 years since the advent of modern day class action lawsuits, plaintiffs’ lawyers have made millions of dollars in fees from these suits while consumers often receive little benefit.”

The Wall Street Journal notes a U.S. Chamber letter warning that the rule could cause companies to stop using arbitration, eliminating an option that is “cheaper, faster and more effective at delivering relief to consumers.”

The Journal also notes that U.S. House Financial Services Committee Chairman Jeb Hensarling called the proposed rule “a big, wet kiss to trial attorneys.”

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