Together with state bankers associations representing all 50 states and Puerto Rico, the American Bankers Association today wrote to House leaders urging them to support a resolution that would overturn the Consumer Financial Protection Bureau’s controversial final arbitration rule.
Members of the House and Senate today introduced legislation that would block the Consumer Financial Protection Bureau’s controversial arbitration final rule from taking effect.
In an op-ed for The Hill today, ABA President and CEO Rob Nichols argued that the Consumer Financial Protection Bureau’s recently finalized arbitration rule was actually anti-consumer — “a regulatory windfall to trial lawyers at consumers’ expense.”
State bankers associations from all 50 states and Puerto Rico today wrote to Senate leadership urging lawmakers to use their Congressional Review Act authority to stop the Consumer Financial Protection Bureau’s final arbitration rule from taking effect.
Republicans in the House and Senate are planning legislation to overturn the Consumer Financial Protection Bureau’s final rule prohibiting mandatory arbitration clauses, according to news reports today.
The Consumer Financial Protection Bureau today finalized a controversial rule that prohibits customers from waiving their ability to participate in class action suits and limit drastically the use of mandatory arbitration agreements for financial products and services.
The Trump administration over the next several months will conduct a thorough review of the U.S. financial regulatory system and the Dodd-Frank Act to determine what changes are needed, said Mark Calabria, chief economist for Vice President Mike Pence, today at the ABA’s Government Relations Summit.
The Consumer Financial Protection Bureau today updated its rulemaking agenda for 2017.
ABA and other trade groups today urged the Consumer Financial Protection Bureau not to move forward with its proposed rule on arbitration, arguing that the rule is not in the public interest, does not protect consumers, and is inconsistent with the bureau’s own study of arbitration of consumer financial products and services.
ABA today sent a memo to members of Congress opposing an amendment to the financial services agencies spending bill.