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Colin Wilhelm

Politico Pro: Pressure on CFPB over arbitration rule builds

The Consumer Financial Protection Bureau’s latest proposed rule has been met with nearly universal scorn by the financial industry. It could soon turn into a legal challenge. Though the open comment period on the so-called arbitration rule ended Monday and the bureau has received thousands of comments, the fight is only heating up. The rule is intended to discourage mandatory arbitration clauses in contracts for credit cards, bank accounts and other financial products that deny consumers the right to sue.