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CFPB to Remove Arbitration Rule from CFR

The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR). ...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Director Cordray criticizes CRA override of CFPB arbitration rule

In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more

Finance industry groups file dismissal notice in lawsuit seeking to overturn CFPB arbitration rule

The plaintiffs in the lawsuit filed by industry groups in a Texas federal district court against the CFPB to overturn the final arbitration rule have filed a Notice of Voluntary Dismissal....more

President Trump signs CFPB arbitration rule override

Yesterday, President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule. The House and Senate actions were taken pursuant to the Congressional Review Act...more

Cordray’s Letter to President Trump Distorts Impact of Arbitration Rule

CFPB Director Richard Cordray yesterday sent a letter to President Trump asking him to uphold the Bureau’s arbitration rule even though the Senate recently joined the House in authorizing a repeal of the rule under the...more

Senate overrides CFPB arbitration rule

We are pleased to report that the U.S. Senate voted last night, 51 to 50, to override the Consumer Financial Protection Bureau’s final arbitration rule.  The rule would have prohibited the use of class action waivers in...more

Congress Overrides CFPB Arbitration Rule

We are pleased to report that the U.S. Senate voted last night, 51 to 50, to override the Consumer Financial Protection Bureau's final arbitration rule. The rule would have prohibited the use of class action waivers in...more

Impact on military of CRA override of CFPB arbitration rule continues to be distorted

Enough is enough! I recognize that reasonable minds can differ with respect to whether the Senate should override the CFPB arbitration rule. However, it is inexcusable when plaintiffs’ lawyers and consumer advocates...more

Treasury Department Report Eviscerates CFPB Arbitration Rule

In a scathing report released yesterday, the U.S. Department of the Treasury concludes that the CFPB’s final arbitration rule “failed to meaningfully evaluate whether prohibiting mandatory arbitration clauses in consumer...more

Finance Industry Seeks to Preliminarily Enjoin CFPB Arbitration Rule

In an important development in the federal court lawsuit by industry groups seeking to overturn the CFPB’s arbitration rule, the plaintiffs recently filed a motion for a preliminary injunction. ...more

Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

More details on finance industry’s CFPB arbitration rule lawsuit

As promised previously, here are further details on the lawsuit filed by industry groups against the CFPB to overturn the final arbitration rule.  The complaint largely mirrors our heavy criticism of the rule. ...more

Earlier deadline for Senate to pass CRA resolution to override CFPB arbitration rule

In a recent blog post, we estimated that, as a practical matter, November 16 was the last day on which the Senate could pass a resolution of disapproval under the Congressional Review Act to override the CFPB arbitration...more

What is the deadline for the Senate to pass a CRA resolution to override the CFPB’s arbitration rule?

Despite the filing of a lawsuit last Friday by a number of industry trade groups seeking to block implementation of the CFPB’s arbitration rule, we remain hopeful that the Senate will pass a resolution of disapproval under...more

Finance Industry Files Lawsuit to Overturn CFPB Arbitration Rule

The U.S. Chamber of Commerce, American Bankers Association, the Consumer Bankers Association, Financial Services Roundtable, American Financial Services Association, Texas Association of Business, Texas Bankers Association,...more

In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

CFPB Issues Arbitration Rule Small Entity Compliance Guide

The CFPB has issued a small entity compliance guide for its arbitration rule.  The rule became effective on September 18, and compliance with the rule is required with regard to pre-dispute arbitration agreements entered into...more

Protection of servicemembers, Equifax data breach provide mistaken justifications for CFPB arbitration rule

In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more

Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

Senator Warren’s Numbers Don’t Add Up

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

Equifax And The CFPB Arbitration Rule: A Tempest In A Teapot

The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. They are portraying this...more

Dancer's Claims Against Club Not Subject to Arbitration Clause, Third Circuit Rules

Employers should take note of a recent ruling by the U.S. Court of Appeals for the Third Circuit in a case involving the arbitration clause in an independent contractor agreement....more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

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