President Donald Trump officially killed the Consumer Financial Protection Bureau’s arbitration rule earlier this month. However, consumers wouldn’t know, especially if they are looking on the bureau’s website.
A blog from Ballard Spahr by Alan Kaplinsky and Mark Levin stated that since that time, there has been no official statement from the CFPB about the override of the arbitration rule.
CFPB Director Richard Cordray didn’t even mention the rule in his remarks to the CFPB’s Consumer Advisory Board at its November 2 meeting, which was a day after the rule was revoked, the article noted.
Shortly before Trump signed the resolution to overturn the rule, Cordray made the unusual choice to plead directly with the president to ask him to veto the Senate vote.
“Many have told me I am wasting my time writing this letter – that your mind is made up and that your advisors have already made their intentions clear,” Cordray stated. “But this rule is all about protecting people who simply want to be able to take action together to right the wrongs done to them. When people are wronged or cheated, they deserve the chance to pursue their legal rights.”
Trump clearly didn’t listen to Cordray’s words. And since Cordray’s final plea to Trump, Cordray hasn’t said much else on the rule.
The blog suggested, “If the CFPB is planning to wait until its notice is published before removing the rule from its website, it should at least update the website in the meanwhile to note the CRA override.”