U.S. Rep. Randy Neugebauer, R-Texas, said the CFPB’s controversial proposal is inconsistent with its arbitration study and would effectively eliminate an alternative resolution process that “lowers the barrier to bring disputes.” Neugebauer, the chairman of the House financial institutions and consumer credit subcommittee, said arbitration provides “efficient, expedited” relief to consumers.
“In my view, the proposed rule is a clear error in judgment by the bureau,” Neugebauer said, adding that the elimination of arbitration would “perpetuate a justice gap.” That outcome, he said, “would certainly not be for the protection of consumers.”
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