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Cotton Statement on the CFPB’s New Arbitration Rule

July 11, 2017

Contact: Caroline Rabbitt (202) 224-2353

Washington, D.C. - U.S. Senator Tom Cotton (R-Arkansas) today released the following statement on the CFPB's new arbitration rule and his efforts to rescind it:

"The CFPB has gone rogue again, abusing its power in a particularly harmful way. The Bureau's new rule on arbitration clauses ignores the consumer benefits of arbitration and treats Arkansans like helpless children, incapable of making business decisions in their own best interests. This morning I've started the process of rescinding this rule using the Congressional Review Act. The last thing Americans need is more anti-business regulation that will prompt frivolous lawsuits while hurting consumers."