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CFPB / RegulatoryMortgage

CFPB updates website to officially address end of arbitration rule

Update comes amid news of Director Cordray’s departure

The Consumer Financial Protection Bureau finally updated its website to acknowledge President Donald Trump revoking the controversial arbitration rule.

blog post from Ballard Spahr previously stressed the importance of the CFPB updating its website to note the rule’s override since the rule was killed nearly two weeks ago.

However, up until now, users wouldn’t have been able to tell from the bureau’s website that anything had changed.

The webpage for “Arbitration agreements” now has an update on the top that states:

On Nov. 1, 2017, the President signed a joint resolution passed by Congress disapproving the Arbitration Agreements Rule under the Congressional Review Act (CRA). Pursuant to the joint resolution, the Arbitration Agreements Rule has no force or effect. The materials relating to the Arbitration Agreements Rule on the Bureau’s website are for reference only.

As noted in the update, the webpage still features all the information on the final rule and the proposed rule to use as a reference.

The update comes at the same time as CFPB Director Richard Cordray announcing he plans to step down from his position before the end of the month.

The arbitration rule and the CFPB’s payday lending rule were two of the last major rules to come out of the bureau before Cordray announced he is stepping down.

Cordray has long been rumored to be exploring a bid for Ohio governor after the bureau published its much-anticipated final payday-lending rule, which finally happened at the beginning of October. 

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