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Treasury Report Adds To Case Against CFPB Arbitration Rule

Law360, New York (October 23, 2017, 1:59 PM EDT) -- A Treasury Department report on Monday took a swipe at the Consumer Financial Protection Bureau’s arbitration rule, providing more ammunition for financial firms challenging the rule in court even as a move to nullify it in Congress appears on the ropes.

The Treasury Department’s report blasted the CFPB’s rule, which stops financial firms from putting class action bans into their arbitration clauses, saying that it would raise costs for consumers and charging that the study the bureau used to justify its regulation was shoddy.

“An agency implementing such a drastic shift in policy should typically subject its rulemaking to the rigors...

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