ABA Urges CFPB to Solicit Public Comments on Arbitration Study

ABA and other trade groups last week urged the Consumer Financial Protection Bureau to solicit public comment on its recently issued arbitration study before it considers rulemaking on the subject.

The groups, which have made similar requests in personal meetings with CFPB officials, said a formal comment period is essential to ensure transparency and to obtain thorough feedback on the 729-page report from all interested parties. Soliciting comments also would allow the CFPB to learn of any significant defects in the study’s analysis — “defects that otherwise will fatally taint any proposed rule that the Bureau might propose based on the study,” the groups said.