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.”