WASHINGTON, D.C. – Bill Hulse, vice president at the U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness, released the following statement regarding the Consumer Financial Protection Bureau’s proposal to establish a public registry of terms and conditions in millions of consumer contracts.
“Today’s proposal from the Consumer Financial Protection Bureau to establish a public registry for terms and conditions in consumer contracts is yet one more attempt to try and eliminate the use of arbitration agreements – which is why the proposal mentions arbitration 152 times. This is despite the fact that Congress passed a law blocking the CFPB’s last attempt to ban arbitration agreements.
“Numerous studies have shown that arbitration produces better outcomes for consumers than the class action lawsuits that only serve the interests of the trial bar. If implemented, this proposal would ultimately pave the way for the CFPB to punish companies for common practices that benefit both businesses and consumers by protecting them from the costs and reduced competition associated with excess litigation.”
