BROWSE BY TOPIC
Stories of Interest
- North Korean caught secretly mining bitcoin rival
- IPO Timelines Cut by 80% After SEC's Private Filing Decision
- How the Carried Interest Break Survived the Tax Bill
- FINRA: The Neutral Corner
- Coinbasex Says Buying and Selling Temporarily Disabled Amid Price Rout
- Bitcoin plunges by more than a third in a single day
- Goldman Is Setting Up a Cryptocurrency Trading Desk
- Jefferies Lets Employees Choose When to Receive Their Bonuses
- UBS Told to Pay $903K After Losing Retaliation Verdict
- BEWARE: Long Island Iced Tea Shares Soar After Changing Name to Long Blockchain
- Gary Cohn’s Last Laugh: Cashing Out on Trump’s Tax Plan
- E*Trade Lets Customers Trade in CBOE Bitcoin Futures
- Swiss Find Serious Shortcomings at JPMorgan in 1MDB Case
- Washington-based Investment Adviser and His Business Partner Charged in Multi-Million Dollar Scheme
- FINRA Board of Governors Meeting
- Cryptocurrency Market Now Doing Same Daily Volume as the NYSE
- Jailed Barclays Trader Must Pay $400,000 From Libor Profits
- Trump Asks ‘How’s Your 401(k)?’ But Most Voters Don’t Have One
- A Bitcoin Hedge Fund’s Return: 25,004% (That Wasn’t a Typo)
- Madoff Victims Near Full Recovery of Principal With Payout
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NEWSLETTERS & ALERTS
Rules & Regulations
New CFPB Rule Would Block Mandatory Consumer Arbitration – That Should Go Over Big
Later today, the consumer watchdog agency, Consumer Financial Protection Bureau (CFPB), is expected to release a final rule that blocks financial institutions - credit card companies, banks and other firms - from forcing customers to agree to settle disputes only through arbitration as a condition of opening accounts. Among other things, the rule, which was drafted more than a year ago, would make it easier for customers to join class action lawsuits.
The Trump administration, as well as many Republican legislators, will seek to repeal the new rule because they not only view class actions as a waste of time and money, but because they oppose the independent standing of this government agency.
Under the Congressional Review Act - a 1996 law that had been rarely used before the current Congress employed it to reverse 14 rules from the Obama administration - lawmakers have 60 legislative days to overturn the rule blocking mandatory arbitrations. The rule could take effect next year.