Analysis

CFPB Bets Congress Will Let Arbitration Rule Slip By

By Evan Weinberger (July 10, 2017, 7:39 PM EDT) -- The Consumer Financial Protection Bureau's Monday release of a rule eliminating class action bans in arbitration clauses in credit card and other financial contracts is a risky gamble by the bureau's director that Congress will not have time to nullify the regulation, experts say.

CFPB Director Richard Cordray said Monday that he knew there was significant opposition to the arbitration rule, but that he determined moving ahead with it was in the public interest. Above, Cordray in 2015. (AP) Among the comparatively few legislative accomplishments of a Republican Congress and the Trump administration has been the use of the Congressional Review...

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