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).
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.
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.
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..
F&I Express’ Brian Reed will lead a presentation designed to establish improved lines of communication between leading executives in the auto finance and F&I product provider segments.
The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.
Attorney and Mosaic Compliance Services cofounder Jim Ganther will deliver a featured presentation on Easy-to-Implement Processes and Controls at Compliance Summit in September.
Four days after the U.S. House passed a bill aimed at reversing a number of Dodd-Frank financial regulations and scaling back the CFPB’s authority, the Treasury Department recommended that the bureau’s powers be reduced in a report containing more than 100 suggestions for financial reform.
By a three-to-one margin, voters surveyed in seven key battleground states said they prefer a bipartisan commission over a single director.
A reader wonders if a scenario exists where trading rate for product doesn’t cross that invisible legal line. The magazine’s resident F&I pro weighs in.
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