Tag Archives: arbitration

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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Arbitration Rule to Raise Cost of Credit 25 Percent, OCC Study Finds

The OCC has conducted a study finding that the Consumer Financial Protection Bureau’s arbitration rule is likely to increase the cost of credit by about 25 percent once lenders factor in the cost of class action litigation, Acting Comptroller Keith Noreika said today at a fintech conference hosted by the Federal Reserve Bank of Philadelphia.

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House Votes to Overturn Arbitration Rule

House lawmakers today voted to overturn the Consumer Financial Protection Bureau’s controversial final arbitration rule by a vote of 231 to 190, exercising their authority under the Congressional Review Act to reject new federal regulations within 60 legislative days of publication in the Federal Register.

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