AFSA’s Himpler Featured in Forbes on Arbitration

AFSA Executive Vice President Bill Himpler was featured in a July 31 Forbes article, highlighting the anti-consumer arbitration ban which was published by the Consumer Financial Protection Bureau (CFPB) on July 10.

“Arbitration is quicker and more cost effective for consumers than litigation,” Himpler said.

The article, by Forbes contributor Jim Henry, notes that many arbitration ban opponents called the rule “Christmas in July for the Plaintiffs’ Bar.”

“Unlike in civil litigation where a consumer faces uncertain attorney fees, arbitration fees are modest and disclosed. Consumers paid an average of $206 in fees in arbitration cases reviewed by the CFPB,” Himpler said in written testimony submitted to a subcommittee of the House Financial Services Committee earlier this year.

The House of Representatives passed a Congressional Review Act (CRA) resolution last week to block the rule.