Travis Norton

Former Executive Director, Center for Capital Markets Competitiveness

Travis Norton is the former Executive Director, Center for Capital Markets Competitiveness.

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CFPB’s Arbitration Rule: By the Numbers

This summer, the Consumer Financial Protection Bureau (CFPB) proposed a regulation that would pad the wallets of trial lawyers by foreclosing consumers’ access to subsidized arbitration and forcing them into class action lawsuits.  That outcome would be very bad for consumers.  But what makes it worse is that the CFPB’s proposal ignores the agency’s very own research on arbitration. 

Take a close look at what the Bureau’s own 2015 Arbitration Study says about class action and arbitration (click on the source links for Arbitration Study page numbers):

Washington Bureaucrats Want to Control When, Why, and How Much You Get Paid

The Dodd-Frank Act’s preference for centralized government control over compensation incentives strikes at the heart of free enterprise.

Access Thumped: The Cumulative Impact of CFPB’s Regulations on Consumer Credit

The bureau has used its regulatory mallet to thump down products and services that consumers have relied on for decades.

The CFPB’s Class-Action Rule: Rich Deal for Trial Lawyers, Raw Deal for Consumers

The bureau should go back to the drawing board, for the sake of consumers.

Mythology 101: The Trojan Horse, CFPB’s Arbitration Study, and Other Tales

So you’re a pretty average 12th century BC Trojan, fighting your heart out in the middle of a long, 10-year war with the Greeks (either over a woman or whether to strain your yogurt — it has been too long to remember), and what shows up on your front door as a peace offering? A ten-story hollow wooden horse. “Oh, how normal!” you think to yourself, because surely you’ve seen many hundred-foot artificial horses clip-clopping around in your day.