CFPB Anti-Arbitration Rule Officially Repealed

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November 02, 2017

The Consumer Financial Protection Bureau’s anti-arbitration rule has been officially repealed, Reuters reports. President Donald Trump signed the resolution at a signing ceremony yesterday, which was attended by ILR President Lisa A. Rickard.

In an op-ed, U.S. Chamber of Commerce President and CEO Thomas J. Donohue and American Bankers Association President and CEO Rob Nichols said it “would have severely limited legal options for consumers, while guaranteeing huge fees for trial lawyers.” Donohue and Nichols said the CFPB’s own data showed that consumers “pay less and get more” in arbitration than in class actions.