WASHINGTON, DC (October 7, 2015) — National Association of Federal Credit Unions (NAFCU) Director of Regulatory Affairs Alicia Nealon issued the following statement on the Consumer Financial Protection Bureau’s announcement today regarding its outline of potential rulemaking ideas on arbitration clauses.
“NAFCU and our members strongly support reasonable and fair dispute resolution. We appreciate the CFPB looking at the practices of actors in the marketplace that could harm consumers,” said Nealon. “As with any rulemaking, NAFCU wants to ensure that there are no unintended consequences for credit unions. At first blush, the CFPB’s announcement could suggest broad, sweeping reporting requirements that may unintentionally burden credit unions. NAFCU will closely review the CFPB’s potential rulemaking ideas to avoid those unintended consequences.”
The National Association of Federally-Insured Credit Unions is the only national trade association focusing exclusively on federal issues affecting the nation’s federally-insured credit unions. NAFCU membership is direct and provides credit unions with the best in federal advocacy, education and compliance assistance. For more information on NAFCU, go to www.nafcu.org or @NAFCU on Twitter.
