Schumer Statement Regarding Treasury Report Attacking CFPB’s Forced Arbitration Rule

October 23, 2017

Washington, D.C. – U.S. Senator Chuck Schumer today released the following statement in response to the U.S. Department of Treasury’s report criticizing the Consumer Financial Protection Bureau’s (CFPB) rule restricting mandatory arbitration:

“With this report, the Trump administration has twisted itself into a pretzel to try to undermine a rule that protects consumers from unscrupulous actors like Equifax and Wells Fargo. For far too long, big businesses have bullied consumers into mandatory arbitration in order to protect their bottom line. It’s wrong for the Trump administration to overlook the facts and undercut the CFPB’s attempt to curb this abusive practice.”