Banking & Credit

CFA Condemns House Vote to Roll Back Rule on Forced Arbitration

Statement of Michael Best, CFA Director of Advocacy Outreach

Washington, D.C. – Today, the U.S. House of Representatives passed H.J. Res. 111, a resolution to repeal the new Consumer Financial Protection Bureau (CFPB) rule to restore consumers’ ability to join together and hold banks and lenders accountable in class action lawsuits when they break the law.

“We are disappointed that the House has voted to disapprove the arbitration rule which will restore consumers’ right to join together in court by prohibiting class action bans,” said Michael Best, Director of Advocacy Outreach at Consumer Federation of America. “But we thank those members of the house who stood up for consumers by standing up for the rule and call on all Senators who stand for consumer rights to defend the rule when it is up for a vote in the senate.”

Contact: Michael Best 202-939-1009

The Consumer Federation of America is a nonprofit association of more than 250 consumer groups that was founded in 1968 to advance the consumer interest through research, advocacy, and education.