On July 14, WBA and 51 other state bankers associations sent a letter to the US Senate leadership urging them to use their authority under the Congressional Review Act to prevent the economic damage to communities that would result from the recently finalized CFPB “anti-arbitration rule.” If allowed to take effect, the rule would create a windfall for unscrupulous class-action attorneys, provide little or no relief to harmed consumers, and effectively eliminate arbitration of disputes, which has otherwise been an accessible alternative to the often-daunting judicial system.

Click here to read the letter.