On November 1, President Donald J. Trump signed a resolution
passed by Congress to nullify the Consumer Financial Protection
Bureau's Arbitration Rule. As we reported
here, the Senate narrowly passed a resolution to repeal the
Rule in late October, ensuring that the controversy would make its
way to the President's desk. Trump's signature
ensures that the hotly-debated Rule will not go into effect in
early 2018 as scheduled.
CFPB Director Richard Cordray sent a letter to President Trump last week,
urging him to veto the efforts to invalidate the Rule.
Cordray styled the letter as "a personal appeal" to the
President, asking him to uphold the Rule. "Many have
told me I am wasting my time writing this letter – that your
mind is made up and that 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 also
