Washington, D.C. – November 1, 2017 – The following statement is attributed to Jason Oxman, CEO, Electronic Transaction Association (ETA), regarding President Trumps signing of the Consumer Financial Protection Bureau’s (CFPB) rule on forced arbitration:
“We applaud President Trump for signing the resolution repealing the CFPB’s rule against arbitration. Arbitration is a simpler, flexible, and faster process than turning to the courts to settle an issue between consumers and financial companies.
The rejection of the anti-arbitration rule is an important win for consumers and the U.S. economy. Not only was this rule overly broad, its repeal demonstrates the importance of checks and balances in our system of government.
Although the regulatory pendulum never stops at the bottom, ETA will continue to argue for a more positive regulatory environment for our member companies, their customers and partners. “