Claiming that the Consumer Financial Protection Bureau’s rule banning mandatory arbitration agreements in financial contracts violates multiple federal statutes, numerous financial trade organizations joined the U.S. Chamber of Commerce in filing a lawsuit against the bureau and Director Richard Cordray to stop the rule’s implementation.
The organizations backing the lawsuit include the American Bankers Association, the Consumer Bankers Association, the Financial Services Roundtable, the American Financial Services Association, the Texas Bankers Association and several municipal chambers of commerce from across the country.
Learn what arguments they noted in their complaint against the rule.