Well, the CFPB’s Arbitration Rule has been repealed by legislation signed by President Trump. This isn’t exactly a surprise, as the Rule has been up against plenty of opposition from the moment it was announced back in July. Along the way, however, there certainly were a number of odd twists and turns, in not only the widespread opposition to it, but also the CFPB’s efforts to save it, including an apparent direct personal appeal from Director Cordray to President Trump.
There were all kinds of theories about who would actually benefit the most (and least) from the Rule were it to actually move forward. It’s hard to say who, if anyone, actually “wins” here, but from a compliance standpoint, it’s one less thing to worry about. Our understanding is that the CFPB can’t reissue a similar Rule unless it’s specifically authorized by law.