Rutledge Statement on CFPB’s New Arbitration Rule
July 11, 2017
LITTLE ROCK – Arkansas Attorney General Leslie Rutledge today issued a statement regarding the Consumer Financial Protection Bureau’s (CFPB) rule to prevent companies from using arbitration clauses.
“The CFPB claims to protect consumers, but in reality this new rule only serves to benefit the profits of class action trial attorneys,” said Attorney General Rutledge. “This rule will rip the benefits of arbitration to settle disputes outside of court right out from under Arkansans and lead to a flood of costly, lengthy litigation. Congress should begin a process in earnest to rescind this anti-consumer rule.”