News Topic: Arbitration

Consumer Financial Protection Bureau Director Richard Cordray pushed back against a Treasury Department report critical of the bureau's arbitration rule, saying it overlooked how class action lawsuits help consumers. ... Read full article

The GOP appears to have barely enough votes to roll back the contentious CFPB rule, and floor debate was expected to begin Tuesday with a final vote possible at any time. But victory was not assured, and the fallout could be significant for all sides. ... Read full article

Why are credit unions lending their name to this fight when the vast majority of them do not use forced arbitration and have not been caught up in Wall Street’s excesses? ... Read full article

Treasury contests agency’s claims that ban on mandatory arbitration benefits consumers; former head of FX trading used client information to profit the bank. ... Read full article

With days ticking down for lawmakers to overturn the Consumer Financial Protection Bureau rule, some are now questioning the statistics used to challenge the bureau’s data. ... Read full article

The Treasury Department released an 18-page report saying the rule would “impose extraordinary costs” including legal fees mostly for lawyers that bring class-action lawsuits. ... Read full article

Regulators usually avoid the public fights that define other realms of the polarized Washington landscape, but the recent tiff over the arbitration rule is an exception. ... Read full article

The Office of the Comptroller of the Currency used "flawed statistics" and misstated the effects of the Consumer Financial Protection Bureau's arbitration rule on community banks, Director Richard Cordray said Friday. ... Read full article

In an op-ed, acting Comptroller of the Currency Keith Noreika argued that allowing consumers to sue financial institutions in class actions would raise credit costs and harm small banks. ... Read full article

The payday lending industry is planning to use the same playbook employed by the financial services industry in its fight against the CFPB's arbitration rule. ... Read full article

Wells Fargo's home state of California passed a law aimed at curtailing the bank's use of closed-door arbitration to shroud complaints from aggrieved customers affected by its scandals. ... Read full article

Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked. ... Read full article

Readers comment on the ripple effects of the Equifax breach, who benefits from the CFPB's final arbitration rule, gender-related issues in financial services, and more. ... Read full article

The groups argue that the CFPB did not properly conduct a cost-benefit analysis of the rule banning mandatory arbitration agreements and that the final product will harm, not help, consumers. ... Read full article

Acting Comptroller of the Currency Keith Noreika affirmed Thursday that the agency’s fintech charter, if implemented, could be granted to commercial firms like Walmart or Google. ... Read full article

Readers chime in on debates about ILCs, the CFPB’s arbitration rule, the financial services ambitions of tech firms and more. ... Read full article

The Consumer Financial Protection Bureau’s final rule on arbitration clauses may be bad news for alleged corporate wrongdoers like Equifax and Wells Fargo, but surely for the victims of such wrongdoing — and for consumers, generally — it is good news ... Read full article

Democrats have striven to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering on their desire to overturn it. ... Read full article