AILA Members and Friends: With Jonathan Paret’s permission, I share with you the following information concerning the likelihood of a CRA intervention in the CFPB’s proposed Arbitration Rule. Maury
BEGINNING OF THE END FOR CFPB ARBITRATION RULE? – House Republicans today are expected to pass legislation that would block a CFPB rule banning mandatory arbitration language in consumers’ contracts with credit card companies and banks.
The White House “strongly supports” the resolution. It said the CFPB’s rule “would benefit trial lawyers by increasing frivolous class-action lawsuits.” Read more.
Compass Point analyst Isaac Boltansky on what’s next – “We now peg the odds of the mandatory arbitration rule being reversed through the [Congressional Review Act] at 60 percent. The House will easily clear the measure, but the whip count in the Senate is still fluid at this juncture and appears to be losing its footing.”