United States:
President Trump Signs Legislative Resolution Nullifying CFPB Arbitration Rule
09 November 2017
Cadwalader, Wickersham & Taft LLP
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President Donald J. Trump officially
nullified the Consumer Financial Protection Bureau's
("CFPB")
arbitration rule by signing H.J. Res. 111. The
U.S. House of Representatives voted to approve a
resolution in July. The
Senate voted on the resolution in October.
The rule was adopted by the CFPB in order to restrict mandatory
arbitration clauses in certain consumer financial contracts.
Recently, the U.S. Department of the Treasury
released a report criticizing the rule and the CFPB's
review process. The report asserted that the CFPB gave
inadequate consideration to the potential impact of the rule.
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