The Senate approved a resolution to nullify the Consumer Financial Protection Bureau’s (CFPB) final rule banning mandatory arbitration agreements in financial contracts and immediately received praise from many in the financial industry, as well as President Donald Trump.
The heads of numerous financial trade organizations also reacted favorably to the Senate’s vote. Many of them issued statements citing studies asserting that the rule would do more harm than good for consumers.
Get a more complete view of the reasons many of the rule’s detractors are citing and what arguments the bureau’s leadership has put forth in its defense.