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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...

ETA Signs Joint Trade Letter Opposing H.R. 1813 – the Border Wall Funding Act of 2017

May 17, 2017 On behalf of our member companies, many of which engage in the facilitation of remittance transfers, we write to express our concern with H.R. 1813, the Border Wall Funding Act of 2017. This legislation, which would subject remittance transfers from the U.S. to certain countries to a 2% user fee, is an ill- advised consumer tax on a legal and heavily regulated financial product used by millions of Americans. As a matter of principle, taxes on consumer financial...

ETA Submits Letter to the Senate Banking Committee Regarding Financial Reform

April 24, 2017 Dear Chairman Crapo and Ranking Member Brown: Thank you for the opportunity to submit proposals to promote economic growth and improve participation in the economy. The Electronic Transactions Association (“ETA”) is the leading trade association for the payments industry, representing over 500 companies that offer electronic transaction processing products and services. ETA’s members include financial institutions, mobile payment service...

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