“The repeal of the CFPB’s arbitration rule reeked of the banking industry’s heavy-handed influence over Washington’s politicians,” said Christine Hines, legislative director for the National Assn. The bureau was explicitly charged by the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act to study use of mandatory arbitration clauses in consumer financial markets. Each hearing featured representatives of the industry and consumer groups discussing the proposed rule, and a video of each session was posted online. The CFPB adopted its arbitration rule in July. Prior to this week’s Senate vote, the Treasury Department took the remarkable step of issuing a report criticizing the arbitration rule as being anti-consumer.

Source: Los Angeles Times October 27, 2017 09:56 UTC