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John C. Redding Quoted in Powersports Finance Article, “CFPB Arbitration Rule to ‘Particularly’ Impact Credit Cards, Lawyer Says”

Powersports Finance

John C. Redding

John C. Redding was quoted on July 14, 2017 in a Powersports Finance article, “CFPB Arbitration Rule to ‘Particularly’ Impact Credit Cards, Lawyer Says,” which discussed the Consumer Financial Protection Bureau’s new arbitration rule and its effect on credit programs within the powersports industry. The article stated, “Several revolving credit programs could be affected by the ruling. In May, American Honda Motor Co. partnered with Citi Retail Services to launch the Honda Powersports Revolving Finance Program. Additionally, BRP Inc. teamed up with Citi in January, and Kawasaki Motors Corp. USA announced a multi-year agreement with the revolving credit provider in December of last year. Yamaha Motor Corp. USA launched its own Yamaha Credit Card program through its captive Yamaha Motor Finance Corp. in October of last year.”

Redding added, “One thing we are watching is how the Congressional Review Act process will come into play. There is certainly a lot of interest on the part of industry in seeing this particular rule set aside, and it will be interesting to see whether the Republicans are willing to take this up and can pull together the simple majority required to issue the joint resolution of disapproval. If they are able to pull it off, this rule will be dead.”

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