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Volume 28 - Number 23

November 6, 2017

Industry Groups Celebrate Demise of CFPB Arbitration Rule

Industry representatives were pleased with the news that the Republican-controlled Congress and the Trump administration were able to cooperate and overturn the CFPB’s controversial rule banning mandatory arbitration clauses in most consumer financial services contracts. According to Consumer Bankers Association President and CEO Richard Hunt, “The CFPB’s rule was never about protecting consumers; rather, it was about protecting trial lawyers and their wallets,” he said. “The CFPB’s own study backs that up and proves trial lawyers would have been the real winners had this rule gone into effect.” Rob Nichols, president and CEO of the American Bankers Association, characterized the vote as a win for consumers. “As we and others made clear in our multiple comments to the CFPB, the ...

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With originations expected to drop in 2018, will your shop turn to non-QM/non-prime mortgage products as a way to bolster volumes?

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