Political Quotes

“Let me reclaim my time, and the Senator can respond on his own time. Let me clarify. As I indicated, even the CFPB, in its own study, said that most of the contracts--not all companies use the same contract-- already allow two actions: No. 1, to go to small claims court or, No. 2, to go to arbitration. What the agreements don't allow is class action litigation. The specific and only restriction of the rule we are debating tonight is about whether class action litigation should be incentivized by taking out the ability of companies to insist that not be an alternative. There is one restriction that we are debating here, and that is whether it is appropriate to allow companies to negotiate away class action litigation. On July 10, the CFPB finalized its rule, as I have said, specifically prohibiting the use of predispute arbitration agreements that prevent consumers from participating in class action lawsuits. The Dodd-Frank Act--the statute under which the CFPB was created-- also set forth when the CFPB was authorized to prohibit, impose conditions upon, or limit the use of such agreements; namely, if the CFPB finds--and this is what they are required by law to find--that any such action was, No. 1, in the public interest and for the protection of consumers and, No. 2, consistent with the CFPB study's findings. It is clear that the CFPB failed the legal requirements on both counts. In 2015 the CFPB released its final study and report on predispute arbitration to Congress.…”