Breaking: Senate Votes to Repeal CFPB Arbitration Rule

10/25/17 – The New York Times reports that the Senate has voted 50-50, with Vice President Mike Pence as the tie breaker, to reject the Consumer Financial Protection Bureau’s Arbitration Rule that was issued last summer.

According to the New York Times, the Senate voted on Tuesday to strike down the rule that would have prevented financial firms offering services to consumers from using pre-dispute arbitration agreements to block consumers from starting or joining class action lawsuits. The House voted to repeal the rule earlier this year, in July.

Under the Congressional Review Act, Congress has 60 legislative days after a rule is issued to pass a resolution that disapproves of the rule. If both chambers pass the resolution and the Presidents sign it, the rule is nullified.

The resolution now goes to President Donald Trump for his signature, who is expected to sign it.

M&L will provide more information and analysis in the days to come.

New York Times.

Consumer Financial Protection Bureau Hosts "Abusive" Symposium

On June 25, the CFPB held a symposium to discuss whether the definition of abusive, as that term is used in the Dodd-Frank Act, should be clarified by a rule or other guidance.

What Banks, Ins. Agencies Need to Know About CA’s New Privacy Law

The CCPA will mandate the most stringent consumer privacy protections in the country. And although the Act contains some exemptions for financial firms, it will undoubtedly affect their operations.

Appellate Courts Split on the Definition of an Autodialer

What exactly is an autodialer? This year, several appellate courts have tried to answer the question, but the most recent decision by the Ninth Circuit has left TCPA litigators and the telemarketing industry more confused than ever before.