WASHINGTON (AP) — Republicans are targeting a rule that would let consumers band together to sue their banks or credit card companies rather than use a mediator to resolve a dispute.

A consumer protection agency finalized the rule last week. The agency said people who otherwise have to go it alone should be able to join others to pursue a remedy to their complaint.

Republicans said on Thursday that arbitration is more effective in resolving disputes and that use of class-action lawsuits would enrich trial lawyers but not the average consumer.

Rep. Jeb Hensarling, the Republican chairman of the House Financial Services Committee, says the average payout for consumers is just $32 in class-action suits. Other Republicans are arguing that the rule would reduce lending as banks set aside more money in reserve.