Another play by Cordray and his future plan to run for governor. This rule will not stand! Bank, credit union and credit card companies will not allow the rogue CFPB and their appointed administrators ram this down our throats. It only benefits attorneys; not consumers.
The Consumer Financial Protection Bureau (CFPB) issued its final rule today on arbitration clauses, only a few days after Rep. Jeb Hensarling, Chairman of the House Financial Services Committee, threatened CFPB Director Richard Cordray with contempt charges if the rule were published. Totalling 775 pages, the new rule is intended to limit the ability of financial service providers to restrict class action lawsuits by consumers via arbitration provisions in contracts. Covered persons under the rule must submit arbitration and select court records to the CFPB.
Jer@TrihouseConsulting.com – Trihouse Link to CFPB PDF Arb Rule