BROWSE BY TOPIC
Stories of Interest
- Inside Scaramucci’s Extreme Loyalty to Trump – William Cohan
- Who President Trump Can Pardon, and Who He Can’t
- Ex-UBS Compliance Officer, Day Trader Deny Insider Trading
- Private Equity’s Big Bets on Financial Tech
- Trump Reportedly Floats Making Rudy Giuliani Attorney General
- Mastercard Wins Dismissal of $18 Billion Class Action Suit
- Jailed Schroders Trader Also to Pay $456K for His 'Criminal Lifestyle'
- Raymond Lucia, Ex-Radio Host Asks U.S. Top Court to Rule On Administrative Law Judges
- As Trump Administration Circles the Drain, Anthony Scaramucci Finally Lands West Wing Job
- Internal Power Struggle Rattles Guggenheim Partners
- Why Most People Will Never Be Successful
- Top Deutsche Bank Trader Leaves After Risky Bets Led to $60Mn Loss
- Bank of America Picks Dublin as EU Hub Post Brexit
- E*Trade Rises 4% as Q2 Earnings Beat Estimates
- I Scream, You Scream, FINRA Screams For Ice Cream ... or ... FINRA Deep-Freezes Broker
- Senate Panel OK's David Kautter, Trump Pick for Top Treasury Tax Job
- OJ Simpson Granted Parole After 9 Years in Prison
- PayPal to Partner with JPMorgan
- BNY Mellon Beats on Q2 Earnings as Revenues Improve
- I Scream, You Scream, FINRA Screams for Ice Cream ... or ... FINRA Deep-Freezes a Broker
We seek to provide information, insights and direction that may enable the Financial Community to effectively and efficiently operate in a regulatory risk-free environment by curating content from all over the web.
Stay Informed with the latest fanancialish news.
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.