Publication

Cordray to leave CFPB by end of month

WASHINGTON — Consumer Financial Protection Bureau Director Richard Cordray sent an email to staff Wednesday announcing that he is leaving the bureau.

Cordray has long been rumored to be planning to run for governor in Ohio, but in the email he did not say what he plans to do after his departure

“I wanted to share with each of you directly what I have told the senior leadership in the past few days, which is that I expect to step down from my position here before the end of the month,” Cordray said in the note.

Consumer bureau chief announces resignation

The director of the Consumer Financial Protection Bureau (CFPB) announced his resignation Wednesday, giving President Trump the chance to reshape an agency that has long been the target of Republican ire.

Richard Cordray expects “to step down from his position here before the end of the month,” he wrote in an email that was sent to CFPB staff.

Trump’s signature nullifies CFPB arbitration rule

WASHINGTON, D.C. - 

President Trump followed through this week by signing H.J. Res. 111, which nullifies the Consumer Financial Protection Bureau's rule prohibiting the use of a pre-dispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits.

Trump to sign legislation overturning arbitration rule

President Donald Trump will sign legislation overturning the Consumer Financial Protection Bureau’s mandatory arbitration rule Wednesday afternoon, according to a White House official.

The president’s decision comes despite a personal appeal from CFPB Director Richard Cordray and veterans groups, who opposed a congressional vote to overturn the consumer watchdog's rule using the Congressional Review Act.

Don’t bank on a return of this payday loan alternative

If you’ve been awaiting the return of a popular payday loan alternative, don’t hold your breath.

Trump repeals consumer arbitration rule, wins banker praise

President Trump on Wednesday signed a repeal of the Consumer Financial Protection Bureau’s rule on forced arbitration, winning praise from banking and business groups.

Trump approved the resolution to repeal the CFPB rule, meant to prevent banks and credit card companies from blocking customers from joining class-action lawsuits against them, in a private Oval Office signing.

Trump signs resolution killing CFPB arbitration rule

WASHINGTON — President Trump has signed the congressional measure invalidating the Consumer Financial Protection Bureau’s arbitration rule, killing the regulation that was unpopular with banks and other financial institutions.

The president signed H.J. Res. 111 in a closed meeting Wednesday afternoon, offering no public statement. The White House confirmed that the president signed the resolution in a statement to the White House press pool.

CFPB Payday Loan Limits Drawing Quieter Response Compared to Its Arbitration Rule

Over three weeks have passed since the Consumer Financial Protection Bureau finalized a rule that places new limits on small-dollar lending, but leading GOP lawmakers are giving mixed signals about whether members of Congress will aid the financial companies that oppose the regulation — unlike the months-long battle they waged to block a separate CFPB provision on mandatory arbitration clauses.

2 5 Arbitration vs. class action: What consumers should know about the differences

The U.S. Senate's vote to kill a rule that would allow consumers to file class-action lawsuits over disputes with banks, credit card companies and other financial service firms means that such cases will now likely be resolved through arbitration.

Pages