August 1, 2017
Tuesday’s Regulatory & Legislative Roundup
- Congress plans to repeal the Consumer Financial Protection Bureau’s new arbitration rule. As a result, the Office of the Comptroller of the Currency will not intervene in trying to overturn the rule. Due to Congress’s power under the Congressional Review Act, the agency is permitted to disprove regulatory rules within 60 days of enactment.
- The Consumer Financial Protection Bureau (CFPB) issued a warning to companies attempting to use costly pay-by-phone options. The CFPB does not want to customers to be misled surrounding pay-by-phone options. Particularly, the agency does not want customers to be “in the dark” about less costly options.
