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News
August 22, 2016

Op-Ed: CFPB Arbitration Rule will ‘Enrich Trial Lawyers at the Expense of Consumers’

Lisa A. Rickard, President of ILR, and David Hirschmann, President and CEO of the U.S. Chamber’s Center for Capital Markets Competitiveness, published an op-ed in The Hill regarding today’s closing of the comment period on the Consumer Financial Protection Bureau’s “proposed rule to enrich trial lawyers at the expense of consumers.” 

“The Bureau misleadingly styles its proposal as one to regulate arbitration agreements,” writes Rickard and Hirschmann. “The truth is that the proposal is very intentionally designed for the singular goal of promoting class action lawsuits—the number one policy priority of the trial bar.”

“In the final analysis, the Bureau will choose either to protect consumers by preserving the availability of arbitration or to enrich trial lawyers,” concludes the op-ed. “The Consumer Financial Protection Bureau should live up to its name and not finalize a rule that pads the wallets of rich trial lawyers at consumers’ expense.”

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