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Manhattan Institute

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MI Responds: CFPB Arbitration Rule Repealed

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MI Responds: CFPB Arbitration Rule Repealed

October 25, 2017
EconomicsFinanceRegulations
Legal ReformOther

The Senate may have been unable to move some of the GOP leadership’s preferred agenda, but it deserves kudos for acting under the Congressional Review Act to undo an anti-arbitration rule crafted by Obama administration holdovers.

Make no mistake: the anti-arbitration rule was designed exclusively to benefit plaintiffs’ lawyers, and it would have ensured that consumers injured by financial companies would have no redress unless lumped into massive class-action lawsuits that paid them pennies on the dollar. The Senate’s action rolls back the Obama-era overreach — to the benefit of all except the litigation lobby.

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MI Responds features real-time commentary from MI scholars on breaking news and developing issues. 

Consumer Financial Protection Bureau

______________________

James R. Copland is a senior fellow and director of legal policy at the Manhattan Institute. 

Photo by Zach Gibson / Stringer
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