Washington, D.C. (July 25, 2017)
—Independent Community Bankers of America® (ICBA) President and CEO Camden R. Fine issued the following statement on today’s House passage of resolution, (H.J. Res. 111), which voids the Consumer Financial Protection Bureau's (CFPB) final rule restricting the use of consumer arbitration agreements.
“ICBA thanks Rep. Keith Rothfus for interceding and preserving community banks’ contractual right to pursue fair and timely resolution through arbitration and avoid prohibitively expensive and protracted litigation.
“Community banks’ livelihood depends on their fair and equitable treatment of customers. Arbitration is a well-established and tested process that offers better results for consumers and helps avoid frivolous class-action suits, which serve the interest of trial lawyers at the expense of community banks and consumers.
“ICBA thanks all the members who voted to pass this important resolution and has issued a letter of support to advance a similar effort offered by Sen. Mike Crapo (R-Idaho) (S.J. Res. 47) in the Senate.”
The Independent Community Bankers of America®, the nation’s voice for more than 5,800 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. Learn more at www.icba.org.