CFPB Arbitration Rule: What To Know And How To Plan

By Aaron Cutler, David Dunn and Loyal Horsley (August 24, 2017, 5:36 PM EDT) -- On July 10, 2017, the Consumer Financial Protection Bureau released its controversial rule implementing Section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (the arbitration agreements rule, or the rule) and caused more strife and excitement than the usual financial regulation, with members of Congress, the acting comptroller of the currency, and industry stakeholders voicing concerns. Unless Congress invalidates the rule through use of the Congressional Review Act or other (more protracted) means, the rule will become effective Sept. 18, 2017, and will affect agreements entered into on or after March 19, 2018.

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