BROWSE BY TOPIC
Stories of Interest
- State Street Challenging BNY Mellon As Largest Custody Bank
- Changes to FINRA Advisory Committees: Phase 1
- SEC Approves CAT Fee Dispute Resolution Process
- Boston-Area Consultant & Friend Settle SEC Insider Trading Charges
- SEC Chair Clayton: Statement on Status of the Consolidated Audit Trail ('CAT')
- Goldman to Launch $5bn Fund with China Investment Corp.
- Wells Fargo Launches Robo-Adviser Targeting Millenial Investors
- Barclays Fails to End U.S. 'Dark Pool' Class Action
- Goldman Sachs' Chief Risk Officer, Craig Broderick, to Retire
- Time to Renew FINRA Registrations - B/D, IA, Agent, IA Rep, Branches
- New Jersey’s Next Governor Could Be a Democrat Who Worked at Goldman Sachs
- FINRA New York Region Networking Seminar - December 1st
- SEC Approves “Pay-to-Play” and Related Rules for Capital Acquisition Brokers
- Hedge Fund Giant Paul Singer Targeted for Destruction by Steve Bannon
- Saudi Arabia's arrest of Prince Alwaleed 'would be like arresting Warren Buffett or Bill Gates' in the US
- Arrest of Billionaire Saudi Prince Touches Sizable Stakes - Citigroup, Twitter, Lyft
- New York Fed President William Dudley set to announce retirement
- FINRA Arbitration Panel Rules Against ex-LPL Broker in $30Mn Lawsuit vs. Firm
- OOPS! Goldman, JPMorgan, BofA Fail in Pricing an IPO
- Former Merrill Broker Pleads Guilty to Fee Fraud, Faces Up To 25 Years
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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.