Browsing: Arbitration

Compliance/Risk

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.

Compliance/Risk

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.

Compliance/Risk

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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