The CFPB’s Final Arbitration Rule; NAFCU’s annual Federal Reserve Survey
On July 10th, the CFPB finalized its rule on arbitration agreements. On July 19th, the final rule was published in the Federal Register. If you haven’t had a change to read it yet, prepare yourself — it’s already a CFPB classic. The final rule establishes Part 1040, which consists of 5 sections regarding the use of arbitration agreements and reporting of arbitration outcomes.
Despite the fact that it only establishes five sections… it still clocks in at 775 pages, making it longer than Ayn Rand’s The Fountainhead (and, coincidentally, just as easy to read). In typical CFPB fashion, just understanding the scope of products and services covered in the regulatory text requires cross-referencing multiple portions of the U.S. Code (which then contain their own cross-references) and multiple regulations. It leaves you feeling a bit like this:
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