• CFPB Arbitration Rule Repealed
  • November 24, 2017 | Author: Christopher R. Rahl
  • Law Firm: Gordon Feinblatt LLC - Baltimore Office
  • While many thought it was unlikely to happen, the United States Congress voted to repeal the Consumer Financial Protection Bureau’s final arbitration rule. We wrote in our August 2017 Maryland Legal Alert about the final rule banning consumer class action waivers. The rule was scheduled to take effect on September 18, 2017 and would have applied to consumer arbitration agreements entered into (and new products/services obtained) on and after March 19, 2018. The United States House of Representatives first voted to repeal the final rule under the Congressional Review Act. Then, on October 24, 2017, Vice President Michael Pence cast a tie-breaking vote in the Senate to similarly repeal the final rule.