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House Financial Services Committee investigating CFPB's arbitration rules

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House Financial Services Committee investigating CFPB's arbitration rules

The HouseFinancial Services Committee is investigating the Consumer Financial ProtectionBureau's arbitration .

Rep. SeanDuffy, R-Wis., chairman of the committee's Subcommittee on Oversight and Investigations,wrote a letter indicating that the committee is probing the examination and possibleregulation by the CFPB of pre-dispute arbitration agreements in contracts for consumerfinancial products and services.

In theletter dated April 20 to the bureau's director, Richard Cordray, the committee askedthe CFPB to furnish all communications relating to pre-dispute arbitration agreementsbetween the bureau and American Association for Justice, National Consumer Law Center, NationalAssociation of Consumer Advocates, Alliance for Justice and Public Justice. The committee also requested for allinternal communications relating to pre-dispute arbitration agreements, and associateddraft reports, as well as all records pertaining to the Small Business RegulatoryEnforcement Fairness Act process used in any actions related to such agreements.

The House Financial Services Committeerequested for the documents to be sent no later than May 4. According to a May 5postingon CFPB Monitor, which cited Politico,the committee had not received a response from Cordray regarding the matter as ofMay 4.