The Consumer Financial Protection Bureau’s recent arbitration rule lumps in not-for-profit institutions owned by their members with the biggest banks on Wall Street — a great disservice to 110 million consumers who are credit union members.
Policymakers in Washington regularly trigger the law of unintended consequences, hurting the very people they profess to help. A prime example is the Durbin Amendment, a last-minute addition to the Dodd-Frank Act that placed the Federal Reserve in charge of pricing debit-card transactions and established new rules for how those transactions are routed.
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