Legal

Deputy AG Cautions on Using Regulatory Guidance as Policy

In a speech to a banking industry conference today, Deputy Attorney General Rod Rosenstein cautioned regulatory agency heads from substituting informal guidance for notice-and-comment rulemaking, noting that the Administrative Procedures Act provides a clear method for “promulgating regulations that reflect our official interpretation of application of certain laws.”

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Trump Makes Arbitration Rule Repeal Official

President Trump this afternoon signed the Congressional Review Act resolution invalidating the Consumer Financial Protection Bureau’s final rule that had effectively banned the use of mandatory arbitration for consumer financial products.

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Treasury: CFPB Arbitration Rule Will Impose Major Costs on Consumers

The Consumer Financial Protection Bureau’s rule virtually prohibiting mandatory arbitration for financial products will impose significant costs on consumers and businesses and enrich plaintiffs’ lawyers while delivering little tangible relief to consumers, the Treasury Department said today in a new report.

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