According to a report appearing in today’s Law360, CFPB Director Rohit Chopra has indicated that the agency appears unlikely, at least in the near future, to undertake new rulemaking that would regulate the use of consumer arbitration agreements. The CFPB’s previous rule—which would have forbidden companies from including class action waivers in consumer arbitration agreements—was overridden by Congress in 2017 under the Congressional Review Act. Director Chopra reportedly acknowledged that the Act prohibits the agency from implementing a substantially similar rule. Read more
