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Tuesday, July 1, 2014

ABA COMMENTS ON PROPOSED CONSUMER SURVEY

ABA submitted a joint comment letter with the Financial Services Roundtable and Consumer Bankers Association to the CFPB. The letter is in regards to their proposal to conduct a national telephone survey of credit card holders as part of its study of mandatory pre-dispute arbitration agreements.

ABA recommended that the Office of Management and Budget not approve the request because the proposed survey will not produce information of practical utility, remains materially flawed and is inconsistent with the statutory mandate.

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