Lawsuit filed over CFPB’s arbitration rule

DALLAS — The Consumer Financial Protection Bureau’s anti-arbitration rule is now heading for a courtroom clash.

On Friday, the U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable and a coalition of associations located throughout Texas filed a legal challenge to the CFPB’s rule that prohibits the use of class action waivers in arbitration clauses.

The lawsuit was filed in the Northern District of Texas, Dallas Division.

As outlined in the complaint, the organizations explained the legal challenge rests on ... Read more




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