Press Release
FOR IMMEDIATE RELEASE Jeff Butler
May 5, 2016 Phone: 202-225-2576
McHenry Statement on CFPB Arbitration Rule
Washington - Chief Deputy Whip Patrick McHenry (R, NC-10), the Vice Chairman of the House Financial Services Committee, released the following statement on the Consumer Financial Protection Bureau's (CFPB) proposed rule restricting the use of arbitration clauses in consumer financial contracts: 

"It's the worst kept secret in Washington that the CFPB believes arbitration is harmful to consumers. Thanks to Dodd-Frank, the bureau is empowered to create a deeply flawed and clearly biased study which has now been utilized to write equally flawed and biased regulations that benefit a key Democratic constituency--trial lawyers--not American consumers." 

In June of 2015, Chief Deputy Whip McHenry joined with Senator Tim Scott (R-SC) to send a letter to CFPB Director Richard Cordray expressing their shared concerns with the Bureau's Arbitration Study. That letter, which was signed by 86 Members of Congress, can be seen here. 
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