The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR). The rule was originally published in the Federal Register on July 19, 2017. However, Congress disapproved the rule under the Congressional Review Act on October 24, 2017, and President Trump signed the joint resolution into law on November 1, 2017. Subsequently, the CFPB posted a notice on its website that the arbitration rule “has no force or effect” and that the materials relating to the rule on the CFPB’s website “are for informational purposes only.” Tomorrow’s notice will state the CFPB “is hereby removing the final rule titled Arbitration Agreements from the CFR.”
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 a link to register, click here.