So Long, Arbitration Rule

Well, the CFPB’s Arbitration Rule has been repealed by legislation signed by President Trump.  This isn’t exactly a surprise, as the Rule has been up against plenty of opposition from the moment it was announced back in July.  Along the way, however, there certainly were a number of odd twists and turns, in not only the widespread opposition to it, but also the CFPB’s efforts to save it, including an apparent direct personal appeal from Director Cordray to President Trump. 

 

 

There were all kinds of theories about who would actually benefit the most (and least) from the Rule were it to actually move forward.  It’s hard to say who, if anyone, actually “wins” here, but from a compliance standpoint, it’s one less thing to worry about.  Our understanding is that the CFPB can’t reissue a similar Rule unless it’s specifically authorized by law.

Published
2017/11/03
Amy Kudlacek
Amy Kudlacek

Amy Kudlacek

Amy brings many years of banking and compliance experience to Banker’s Compliance Consulting. She has worked for both large and small financial institutions and spent time working in every area of a bank. She started out as a teller in college and eventually became a branch manager. Her love, however, was always compliance. Amy began her career with Banker’s Compliance Consulting in 2000. Her knowledge and experiences have allowed her to develop a well-rounded and practical approach to regulatory compliance. Amy is CRCM certified, has a Bachelors Degree in Business Administration and is a graduate of the ABA Compliance School. Amy & her husband have two children at home and stay busy following their activities. They spend a lot of time in the bleachers!

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