Whither Arbitration Regulation?

by Jeff Sovern

Every six months, the CFPB director testifies before the Senate Banking Committee and the House Financial Services Committee. Each committee member gets five minutes to question the director, a process that collectively takes hours and this last time covered a wide variety of topics, including topics over which the CFPB lacks power, like non-payment aspects of digital currency. But somehow, no one asked Director Rohit Chopra during the most recent hearings (here and here) about what plans, if any, he has for arbitration regulation, something that the Bureau actually has jurisdiction over. I guess we will have to wait until the Bureau publishes its next regulatory agenda to see if arbitration is on its mind.

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