WASHINGTON—The credit union perspective will be a part of today’s Consumer Financial Protection Bureau field hearing on arbitration, CUNA reported.
The CFPB plans to discuss the arbitration process (arbitration clauses) employed by financial institutions to resolve differences between account holders and the FI in an efficient manner without engaging in litigation.
Kevin Hammar of Aldridge, Hammar, Wexler & Bradley, P.A. will be testifying on behalf of the Nevada Credit Union League.
The hearing, which is scheduled to begin at 1 p.m. ET in Albuquerque, N.M., will also feature remarks from CFPB Director Richard Cordray and Associate Director for External Affairs Zixta Martinez.
Hammar will be on a panel with Paul Bland of Public Justice; Deepak Gupta of Gupta Wessler PLLC; Christine Hines of National Association of Consumer Advocates; Alan Kaplinsky of Ballard Spahr LLC; and Travis Norton of the U.S. Chamber of Commerce.
CUNA stated that it previously had a representative at an October field hearing on arbitration in Colorado. During that meeting, John Rudy, senior vice president/chief lending officer at Bellco CU, Greenwood Village, Colo., explained the nature of credit union-member relationships.
“As a member-driven, member-owned financial cooperative, we are accountable to our members, and therefore it is critical we provide an overall experience that causes our members to choose us for their financial services products. That experience includes price, value, convenience and how we conduct business,” Rudy said during the hearing.