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October 25, 2017 - Industry News

Pence Casts Tiebreaking Vote to Kill CFPB's Arbitration Rule

The vice president cast his tiebreaking vote late Tuesday night. The measure now heads to President Trump's desk, where it is likely to be signed. Once it does, not only will the CFPB's arbitration rule be invalidated, the bureau won't be allowed to issue a similar rule unless authorized to do so in a subsequent law.

Tags: Arbitration, CFPB, compliance, F&I products

August 8, 2017 - Industry News

State AGs Urge U.S. Senate to Reject Resolution to Block CFPB’s Arbitration Rule

In a letter dated July 28, 21 state attorneys general called on U.S. Senate leaders to support the Consumer Financial Protection Bureau’s new arbitration rule and oppose the current attempt to overturn the rule under the Congressional Review Act (CRA).

Tags: Arbitration, auto finance, CFPB, compliance, Jeb Hensarling

July 27, 2017 - Industry News

CFPB: Small-Dollar Lending, Debt-Collection Rules Are Coming

The day Republicans introduced joint resolutions in both houses aimed at blocking the Consumer Financial Protection Bureau’s new arbitration rule, a bureau staffer noted in a blog post that the regulator isn't done writing, issuing and finalizing rules.

Tags: Arbitration, auto finance, CFPB, compliance, Debt Collection, Payday Lending

July 26, 2017 - Industry News

U.S. House Passes Resolution to Block CFPB's Arbitration Rule

The U.S. House passed a joint resolution of disapproval under the Congressional Rule Act to block the CFPB’s rule banning mandatory arbitration clauses in finance contracts. The resolution now needs Senate approval and the president’s signature to repeal the rule, which industry insiders say could impact the sale of F&I products.

Tags: Arbitration, auto finance, CFPB, compliance, House Financial Services Committee, Jeb Hensarling

July 25, 2017 - Industry News

Republicans Challenge CFPB’s Arbitration Rule

The day after the Consumer Financial Protection Bureau published its new arbitration rule in the Federal Register, House and Senate Republicans filed joint resolutions to block the rule from taking effect in September..

Tags: Arbitration, auto finance, CFPB, CFPB study, compliance, Jeb Hensarling

August 4, 2016 - Industry News

103 Lawmakers Call on CFPB to Eliminate Mandatory Arbitration

On Wednesday, more than 100 members of Congress called on the Consumer Financial Protection Bureau (CFPB) to proceed with its effort to eliminate forced arbitration.

Tags: American Financial Services Association, Arbitration, CFPB, Congress, Richard Cordray, Senate

May 10, 2016 - Industry News

CFPB Issues Proposal to End Forced Arbitration

At its May 5 field hearing in Albuquerque, N.M., the CFPB issued its proposal to ban mandatory arbitration clauses in finance contracts. Financial services providers will still be able to include arbitration clauses in finance contracts; they just can’t use the agreements to stop consumers from being part of a class action in court.

Tags: American Financial Services Association, Arbitration, CFPB, compliance

May 28, 2015 - Industry News

Members of Congress Call on CFPB to Eliminate Arbitration Agreements

U.S. Sen. Al Franken (D-Minn.) is leading an effort by more than 50 members of Congress to spur the CFPB into eliminating the use of forced arbitration clauses in consumer financial service contracts.

More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.

Tags: Arbitration, arbitration agreements, CFPB, Congress, Consumer Financial Protection Bureau, Tom Hudson

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