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Trump Signs Legislation to Repeal Obama-era Arbitration Rule

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The Washington Times discusses the repeal of the anti-arbitration rule with Iain Murray.

President Trump signed legislation Wednesday afternoon repealing the Consumer Financial Protection Bureau’s mandatory arbitration rule that encouraged class-action lawsuits against banks and credit card companies.

Mr. Trump signed the measure despite a personal appeal from CFPB Director Richard Cordray and opposition from some veterans’ groups. Business and trade groups generally praised the move.

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Competitive Enterprise Institute financial policy specialist Iain Murray urging similar action against the CFPB payday-lending rule.

“Using impartial, third-party arbitration as a cost-effective form of dispute resolution keeps access to credit open and affordable,” Mr. Murray said. “The next step for Congress is to disapprove the CFPB’s even more egregious rule against small dollar loans, which will kill access to needed credit for millions of less well-off Americans.”

Read the full article at The Washington Times.