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The Consumer Financial Protection Bureau (CFPB) has handed down a controversial ruling stating companies cannot opt to use arbitration clauses in their contracts with consumers in a manner that keeps consumers from joining class action lawsuits. . And, as a result, higher fees for consumers levied by cautious lenders, when they lend at all?
One week ago, the CFPB’s arbitration rule seemed more or less doomed to the scrap heap of financial regulatory history. The Comptroller of the Currency formally requested that the CFPB halt implementation of the rule while the OCC reviewed its effect on the banking industry.
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