Here (behind paywall). Excerpt:
"* * * Director Cordray has been reluctant to issue a final arbitration rule, is because I think he realizes that there is a very high likelihood of it being overridden," said Alan Kaplinsky, a partner at the law firm Ballard Spahr. * * *
It's also not a guarantee that the arbitration rule would be rolled back if it is released. * * *
Lawmakers have also targeted other CFPB rules. Sen. David Perdue, R-Ga., is attempting to use the review act strategy to repeal a CFPB rule regulating prepaid cards. So far, however, Perdue has found little support for his efforts.
"We are not convinced anybody is really going to try and move that prepaid card CRA," [Lauren] Saunders at the National Consumer Law Center said. "Most of the prepaid card industry is just fine with the rule and getting ready to comply with it, and only one fringe issuer wants to save $80 million in overdraft fees. So I am not sure it is even going to come up for a vote, and we think we can get the votes to defeat it." * * *
"If the CFPB were to finalize an arbitration rule I would think we will witness a huge amount of industry pressure" to use the Congressional Review Act to repeal it, Kaplinsky said. "It is going to be nothing like whatever forces are being brought to bear to override the prepaid rule."
