CFPB Chief Urges Trump To Keep Arbitration Rule Alive

Law360, New York (October 30, 2017, 5:27 PM EDT) -- The Consumer Financial Protection Bureau's leader on Monday urged President Donald Trump to veto a congressional resolution to eliminate an arbitration rule that would give consumers the chance to file class actions against banks and other financial firms.

CFPB Director Richard Cordray asked the president to uphold the federal consumer finance watchdog’s rule that would stop banks and other companies from including class action bans in arbitration clauses in the fine print of contracts with consumers. Using the Congressional Review Act, the U.S. Senate voted 51-50 last week to overturn the rule, with Vice President Mike Pence casting the deciding vote...

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