CFPB’s Cordray asks trump to save the Bureau’s arbitration rule

The Hill reports:

The director of the Consumer Financial Protection Bureau (CFPB) has written an unusual plea to President Trump, asking him to save the agency's rule on forced arbitration.

Richard Cordray wrote what he called a “simple, personal appeal” to Trump, asking him not to sign a resolution from Congress that would kill the CFPB rule.

“Many have told me that I am wasting my time writing this letter — that your mind is made up and your advisors have already made their intentions clear,” Cordray wrote.

“But this rule is all about protecting people who simply want to be able to take action together to right the wrongs done to them.”

Cordray states in the letter that he and Trump have never met or spoken, despite their 10 months of overlap in the government. 

“I think you really don’t like to see American families, including veterans and service members, get cheated out of their hard-earned money and be left helpless to fight back,” Cordray wrote.

"I know that some have made elaborate arguments to pretend like that is not what is happening. But you are a smart man, and I think we both know what is really happening here.”

Trump is widely expected to sign the resolution repealing the rule, which bans banks and credit card companies from blocking customers from suing them in class-action cases. Cordray wrote that he knew he had slim chances of changing Trump’s mind, but felt compelled to try.

The letter follows last week's Senate vote in favor of repealing the CFPB arbitration rule. The House voted to repeal the rule in July.

The full article is here.

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