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ETA Files Comments to the CFPB Addressing Proposed Amendments to Rules Concerning Prepaid Accounts

August 14, 2017 The Electronic Transactions Association (ETA) filed comments to the Consumer Financial Protection Bureau (CFPB) today addressing proposed amendments to rules concerning prepaid accounts under the Electronic Fund Transfer Act (Regulation E) and the Truth in Lending Act (Regulation Z). ETA appreciates the Bureau responding to compliance challenges raised by the industry by proposing additional substantive changes to existing rules. However, there remains a...

Why the CFPB’s Anti-Arbitration Rule Hurts Consumers

July 25, 2017 The Consumer Financial Protection Bureau (CFPB)’s final rule regulating arbitration agreements for consumer financial products and services will harm consumers. Many of the CFPB’s key findings cited to support its rules are not consistent with its study on arbitration and do not justify the imposition of limitations on the use of pre-dispute arbitration agreements. Learn more here. Share this:...

Statement by ETA CEO Jason Oxman on the CFPB Arbitration Rule

July 20, 2017 The Electronic Transactions Association applauds Rep. Keith Rothfus and Sen. Mike Crapo for introducing H.J. Res 111 and S.J. Res. 47, two bills which will use the only avenue for Congressional oversight to reverse CFPB’s anti-arbitration rule. ETA is encouraged by the leadership of Rep. Rothfus and Sen. Crapo in recognizing that Congress needs to step in to prevent the detrimental effects this rule will have on consumers and businesses...

Statement by ETA CEO Jason Oxman on H.J. Res. 111 and S.J. Res. 47

June 20, 2017 The Electronic Transactions Association applauds Rep. Keith Rothfus and Sen. Mike Crapo for introducing H.J. Res 111 and S.J. Res. 47, two bills which will use the only avenue for Congressional oversight to reverse CFPB’s anti-arbitration rule. ETA is encouraged by the leadership of Rep. Rothfus and Sen. Crapo in recognizing that Congress needs to step in to prevent the detrimental effects this rule will have on consumers and businesses alike. After...

Statement by ETA CEO Jason Oxman on the Proposed CFPB Arbitration Rule

July 10, 2017 The CFPB proposal will have a negative impact on consumers. As illustrated in CFPB’s own study, arbitration is a simpler, more flexible, faster and more confidential process than taking lawsuits to court. Class-action lawsuits result in millions of dollars in legal fees but provide little or no benefit to consumers. According to the CFPB’s own numbers, an average class action lawsuit member received just $6.29, while the lawyers leading the case...

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