The CFPB should not proceed with a proposed telephone survey on credit card dispute resolution, ABA and two other trade groups said in a comment letter. The groups argued that the survey would be inconsistent with the CFPB’s statutory mandate and that its design is flawed.
The proposed “lengthy and complex” phone survey of consumers would not produce helpful information, the groups said, since its questions that “explore consumers’ limited and uninformed assessments and preferences ... offer little if anything in evaluating how arbitration actually functions.”
The groups encouraged the bureau to do a comprehensive cost-benefit analysis comparing arbitration with small claims litigation and class actions.
Read the letter.