U.S. Chamber Pushes Back on CFPB Anti-Arbitration Study

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March 10, 2015

The U.S. Chamber is joining other business groups in pushing back on a new, anti-arbitration study released today by the Consumer Financial Protection Bureau (CFPB).

"The CFPB's study makes one wonder if the Bureau is really trying to protect consumers or is instead trying to protect plaintiffs' lawyers," U.S. Chamber of Commerce officials David Hirschmann and Lisa Rickard said Tuesday.

"Arbitration is a simple, inexpensive, and modern system for enabling consumers to obtain fair and fast redress for the vast majority of their grievances," Hirschmann and Rickard said in a formal statement. "Banning pre-dispute arbitration clauses will deprive consumers of the only realistic means of remedying most injuries, leaving them with lawyer-driven class actions lawsuits that provide millions in legal fees to lawyers, but little or no benefit to consumers."

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