CBA in the News

Press Contact

Bobby Grant
bgrant@consumerbankers.com
202-552-6365
  • July 27, 2017
    Now it’s the Senate’s turn. The House approved resolution on Tuesday leveraging authority provided under the Congressional Review Act (CRA) to stop the Consumer Financial Protection Bureau’s final rule prohibiting the use of class action waivers in arbitration clauses. Despite all House Democrats and one Republican voting against H.J. Res 111, the resolution cleared the chamber by a vote of 231-...
  • July 27, 2017
    The House passed a resolution July 25 that would invalidate a recently adopted Consumer Financial Protection Bureau rule to prohibit financial firms from steering consumers into mandatory arbitration to resolve disputes. H.J.Res. 111, sponsored by Rep. Keith Rothfus (R-Pa.), passed the chamber in a 231-190 vote. A similar resolution has been introduced in the Senate, where it can be passed under...
  • July 27, 2017
    DINGING CFPB, NOT EASY AS 1-2-3 — The House voted along party lines Tuesday to strike down a landmark rule from the Consumer Financial Protection Bureau, but the real fight begins in the Senate. The debate over the rule, which bars the use of mandatory arbitration clauses in consumer contracts with financial firms, is the first real battle over CFPB in a Republican-controlled Congress, setting...
  • July 27, 2017
    The House voted Tuesday to repeal a controversial new rule from the Consumer Financial Protection Bureau (CFPB) that would have protected consumers’ rights to sue banks in class-action lawsuits. Lawmakers voted 231-190 to repeal the rule using the Congressional Review Act, a law that allows Congress to eliminate regulations within 60 days of their release and bars agencies from issuing similar...
  • July 24, 2017
    Banks, consumers and their allies joined the battle over a CFPB rule on class action lawsuits as the House plans a vote Tuesday on overturning the regulation. Conservative groups sought to unify the Republican base against the rule, sending a letter to House and Senate leaders. "Failure to reverse this regulation will result in an avalanche of class-action lawsuits that will hurt jobs and do...
  • July 20, 2017
    The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are engaging in a high-stakes battle over the latter agency's effort to rein in mandatory arbitration clauses, in a rare public spat between federal regulators. Acting Comptroller Keith Noreika provoked the fight by publicly criticizing the CFPB's final arbitration rule, requesting that it delay its...
  • July 20, 2017
    Republican lawmakers are moving ahead to undo a rule that would make it easier for Americans to sue their banks and credit card companies. Senate and House lawmakers on Thursday separately unveiled bills that each proposes to overturn a recent rule by the Consumer Financial Protection Bureau , which blocks companies from using arbitration clauses to stop consumers from bringing class action...
  • July 13, 2017
    CARY, N.C. - Clearly the industry is “disappointed” that the Consumer Financial Protection Bureau earlier this week issued a final rule prohibiting the use of class action waivers in arbitration clauses. The American Financial Services Association, the National Independent Automobile Dealers Association and the American Bankers Association all used that specific adjective when relaying their...
  • July 13, 2017
    Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated final rule on arbitration clauses in contracts governing consumer financial products and services. While the CFPB is not banning arbitration clauses outright, the new rule would prevent the use of arbitration provisions to block class action lawsuits. The rule is set to go into effect in eight months, but a...
  • July 13, 2017
    The Consumer Financial Protection Bureau's arbitration rule , issued Monday, could put dealerships and auto lenders at risk for class-action lawsuits. But some experts questioned whether the rule will ever take effect, while various industry associations quickly issued statements denouncing the rule. The rule prohibits banks and other financial services companies from including mandatory...

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