BROWSE BY TOPIC
Stories of Interest
- Deutsche Bank ‘Beyond Repair’ as Trading Drops - Autonomous Research
- Guggenheim Partners CEO Might Step Down
- Wachovia Customer Sues Wells Fargo Over FundSource Losses - Bill Singer
- Credit Downgrade for Wells Fargo Due to Fake Account Scandal
- CFTC Commissioner Quintenz Named Sponsor of the Technology Advisory Committee
- Harbour and Geneos Customers Win FINRA Arbitration Against Stockbroker - Bill Singer
- Equifax Suffered a Hack Almost Five Months Earlier Than the Date It Disclosed
- The World’s Biggest Wealth Fund Hits $1 Trillion
- At Jefferies, Like Wall Street, Trading Cedes to Banking
- Ex-SAC Trader Who Pleaded Guilty to Insider Trading Just Remembered He’s Innocent
- JPMorgan Turns to Amazon for Retail 'Customer Experience'
- Goldman Sachs Names Ken Hitchner as New Chairman for Asia Pacific
- Judge All but Tosses SEC Case Against ‘Rogue’ Trader And Ex-FBI Informant Guy Gentile
- 'Boys are #1 Among NFL's Most Valuable Teams
- Fake Tax Returns - Your Next Worry After the Equifax Breach
- FINRA DR Recruiting Arbitrators, Mediators at Congressional Black Caucus Conference
- JPMORGAN: Here's who we think will replace Warren Buffett at Berkshire Hathaway
- Mueller to Search Facebook for Russia-Linked Accounts
- Mark Gomes, Market Analyst and Trade Scalper Settles with SEC
- Equifax Waives Credit Lock Fees For Consumers, Amid Criticism
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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.