Report that CFPB Arbitration Rule to Be Published in Federal Register Tomorrow, Starting Two Clocks

by Jeff Sovern

Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule.  The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within ten days of publication of the rule. Given the opposition of Acting Comptroller of the Currency (and former bank lawyer) Keith Norieka, it would not be surprising, though it would be unfortunate, to see him file such a petition.

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