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Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

by Polsinelli on

President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

CFPB to Remove Arbitration Rule from CFR

by Ballard Spahr LLP on

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’s Arbitration Rule Dies at Hands of Senate and President

by Goodwin on

Three months after the U.S. House of Representatives voted on July 25, 2017 to block the Consumer Financial Protection Bureau’s (CFPB) Arbitration Rule, the U.S. Senate followed suit. On October 24, 2017, the Senate passed a...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

When will the CFPB formally acknowledge that Congress has repealed its arbitration rule?

by Ballard Spahr LLP on

Yesterday marks one week since President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule....more

Congress overturns CFPB’s Arbitration Rule

by DLA Piper on

President Donald Trump signed Congress's joint resolution of disapproval to revoke the Consumer Financial Protection Bureau's (CFPB) Arbitration Rule today, killing the regulation just months after the rule was announced....more

Another One Bites the Dust - the President Kills the CFPB Arbitration Rule

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Pursuant to the the Congressional Review Act, President Trump officially repealed the CFPB Arbitration Rule. As expected, President Trump signed the resolution to repeal the arbitration rule proposed...more

No Treat For CFPB: Trump, Congress Override Rule On Class Action Waivers

by Carlton Fields on

On November 1, President Trump signed legislation disapproving a CFPB rule designed to prohibit class action waivers in certain consumer financial services contracts. In so doing, Trump rejected a last minute personal appeal...more

CFPB Arbitration Rule Eliminated by Congress and President

by Bilzin Sumberg on

On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

Reversal of Fortune: Congress Strikes Down CFPB Arbitration Rule Banning Class Action Waivers

by Moore & Van Allen PLLC on

U.S. businesses have the good fortune to be on the receiving end of a favorable U.S. Senate vote nullifying the hotly-contested Consumer Financial Protection Bureau (CFPB) rule banning class action waivers in certain consumer...more

Breaking Insights: U.S. Senate Disapproves Consumer Financial Protection Bureau's Rule

U.S. Senate disapproves Consumer Financial Protection Bureau's rule prohibiting arbitration clauses in consumer contracts with Vice President Pence casting the tie-breaking vote....more

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

by Ballard Spahr LLP on

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

After Congress Kills CFPB Arbitration Rule, What’s Next?

Congress has passed – and the Trump administration has signaled that the president will sign – a bill to roll back the Consumer Financial Protection Bureau’s sweeping arbitration rule, which the White House has called...more

Nutter Bank Report, October 2017

by Nutter McClennen & Fish LLP on

With Vice President Mike Pence casting the tie-breaking vote, the U.S. Senate has voted to repeal the CFPB’s arbitration rule, which would have prohibited banks and other covered consumer financial service providers from...more

Congress Disapproves The CFPB’s Anti-Class Action Arbitration Waiver Rule

by Carlton Fields on

Congress has adopted a joint resolution of disapproval of the CFPB’s arbitration rule under the Congressional Review Act, 5 U.S.C. Section 801 et seq.  President Trump’s approval of the joint resolution will prevent the...more

CFPB’s Effort to Axe Class Waivers Gets Axed by the Senate

By the hair of its chinny chin chin, the Senate voted on Tuesday to nullify the CFPB’s previously announced final rule that would have prohibited banks, credit card companies, and other financial service entities from...more

Vice President Casts Deciding Vote to Overturn CFPB’s Proposed Arbitration Rule

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Financial institutions can maintain the status quo of their pre-dispute resolution clauses in consumer contracts because Senate voted against CFPB’s proposed arbitration rule....more

Senate Republicans Sink Controversial CFPB Anti-Arbitration Rule: Lessons Learned for the CFPB

by Dorsey & Whitney LLP on

This post describes the recent move in Congress to rescind the CFPB rule, and what this means for the CFPB and the financial services industry going forward. On October 24th, the Senate voted 51-50 to overturn the Consumer...more

Senate Kills CFPB Rule Prohibiting Class Action Waivers

by Seyfarth Shaw LLP on

Yesterday the Senate struck down a new Consumer Financial Protection Bureau (“CFPB”) rule which would have prohibited providers of financial products and services from including class action waivers in their arbitration...more

Congress Votes To Repeal CFPB’s Arbitration Rule

The Senate voted on Tuesday, October 24, to repeal the CFPB’s Arbitration Rule first proposed in May of 2016 and issued in its final form in July. The rule would have imposed limitations on the use of pre-dispute arbitration...more

Congress Quashes CFPB Arbitration Rule: What Next?

Pencils down. (Is the modern equivalent “cursors down”?) All the attorneys who were drafting new form consumer agreements to comply with the CFPB rule prohibiting class action waivers can now trash those documents. ...more

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