In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1.
Since publishing our blog post, we learned that Director Cordray had issued a statement on November 1 in which he criticized the override. Director Cordray’s statement was not published on the CFPB’s website and it appears the statement was only sent to media members. There continues to be no indication of the CRA override on the CFPB’s website.
As we previously commented, we assume the CFPB will be publishing a notice in the Federal Register that references the CRA override and removes the arbitration rule from the Code of Federal Regulations. However, if the CFPB is planning to wait until it publishes such a notice before removing the rule from its website, we hope it will update its website in the meanwhile to note the CRA override.
On November 29, 2017, from 12 p.m. to 1 p.m. ET, Ballard Spahr attorneys will hold a webinar, “Now that the CFPB’s Arbitration Rule is Dead, How Should the Industry React?” For more information and to register, click here.