Bloomberg’s Gregory Roberts: CFPB’s Assault on Arbitration Stuck Between Rock, Hard Place

Here.  Excerpt:

Any move by the CFPB to adopt a final version of its rule would almost certainly prompt Republican lawmakers to overturn it, with a long-term chilling effect on future regulation of the clauses used by banks and other financial services providers.

But if the CFPB does not put out a final rule before the term of the bureau’s director, Democratic appointee Richard Cordray, expires in mid-2018, then whomever Republican President Donald Trump picks to lead the bureau isn’t likely to go ahead with the rule, anyway.

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Stuck in what is likely to be a permanent state of limbo, consumer advocates can do little more than plead with companies to eliminate the clauses themselves, as a coalition of groups did in a Feb. 24 letter to Wells Fargo.

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