Items Tagged with 'Arbitration'


  • Cordray pleads directly with Trump to save CFPB’s arbitration rule

    CFPB director asks Trump to veto Senate vote to kill rule
    “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 told Trump in a letter. “But you are a smart man, and I think we both know what is really happening here.”
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  • CFPB Director Cordray pens New York Times Op-Ed in effort to save arbitration rule

    Both houses of Congress working to overturn rule
    In a surprising move, Consumer Financial Protection Bureau Director Richard Cordray made a last-ditch effort to save the bureau’s newly announced arbitration rule as it faces attacks in both houses of Congress. Cordray authored an opinion piece for The New York Times to try and set the record straight on the intent behind the controversial rule. But, does his opinion piece come a little too late?
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  • OCC sounds alarm on CFPB arbitration rule, welcomes Congressional repeal

    Noreika: “The rule may turn out to be the proverbial straw on the camel’s back”
    There’s good news and bad news for the Consumer Financial Protection Bureau’s new arbitration rule. On the positive side, the Office of the Comptroller of the Currency doesn’t plan to stand in the way of the rule being implemented, as the OCC recently threatened to do. On the other hand, the OCC isn’t planning to intervene in the arbitration rule situation because Congress is currently in the process of repealing the rule.
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  • Brown promises “hell of a fight” in Senate over CFPB arbitration rule

    Top Democrat pledges to push back against Republican repeal efforts
    As expected, Senate Republicans on Thursday introduced a “resolution of disapproval” that begins the process of repealing the Consumer Financial Protection Bureau’s newly unveiled rule that bans companies from using mandatory arbitration clauses. The effort is led by a number of prominent Republicans, but one of the top Democrats in the Senate is pledging a serious fight over the CFPB arbitration rule.
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  • House Republicans move to repeal new CFPB arbitration rule

    Effort to rescind rule coming soon in Senate as well
    In the wake of the Consumer Financial Protection Bureau unveiling a new rule to ban companies from using mandatory arbitration clauses, Sen. Tom Cotton, R-Ark., immediately announced that he was launching an effort in the Senate to rescind the rule, stating that the CFPB has “gone rogue again” and is “abusing its power.” Now, Republicans in the House of Representatives are joining their Senate colleagues in moving to repeal the CFPB’s controversial rule.
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  • CFPB sets its crosshairs on lending arbitration clauses

    Too limiting for trial lawyers who want class action lawsuits
    The Consumer Financial Protection Bureau is going after standard arbitration clauses, an avenue with a nine-decade pedigree designed to allow consumers and businesses a far less expensive option. This could affect most consumer lending, including expanding the existing limits in mortgage lending.
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  • CFPB tackles arbitration clauses

    Bankers say more regulation will raise costs
    The Consumer Financial Protection Bureau has a new area it's tackling — arbitration agreements. Will the bureau decide to end or limit these contracts in the future? Members of the banking community showed up at a Dallas field hearing Thursday to advise CFPB Director Richard Cordray against it.
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