Treasury ignored benefits of CFPB's arbitration rule: Cordray

Consumer Financial Protection Bureau Director Richard Cordray on Tuesday slammed a Treasury Department report critical of the bureau's arbitration rule, saying the administration overlooked key parts of the regulation that are beneficial to consumers.

In a terse letter to Treasury Secretary Steven T. Mnuchin, Cordray wrote that Treasury misunderstood the underlying data supporting the arbitration rule and refuted specific allegations made by Treasury. The rule banned mandatory arbitration clauses that block consumers from suing banks as part of a class action.

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https://www.americanbanker.com/news/treasury-ignored-benefits-of-cfpbs-arbitration-rule-cordray