Consumer Financial Protection Bureau Director Richard Cordray slammed President Donald Trump’s decision to revoke the arbitration rule. However, there is still no official word on the bureau’s website about the rule getting overturned.
Since Trump revoked the rule, Cordray has made one comment on the rule, bashing the president’s decision.
Back when the rule was first revoked, Cordray said in a comment in an article in The Hill by Sylvan Lane:
CFPB Director Richard Cordray said “in signing this resolution, the president signed away consumers’ right to their day in court."
"This action tips the scales of justice in favor of Wall Street banks less than 10 years after they caused the financial crisis," said Cordray, who asked Trump on Monday to spare the rule. "By blocking our arbitration rule, this action makes it nearly impossible for ordinary people to stand up for themselves against corporate giants like Wells Fargo and Equifax.
"Now more than ever, it is critical that the Consumer Bureau remain a strong check on financial companies," he said.
The statement, however, is the only comment the bureau has made on the rule.
A blog post from Ballard Spahr stressed the importance on the CFPB updating its website to note the rule’s override.
The blog noted that it assumes the CFPB will be publishing a notice in the Federal Register that references the CRA override and removes the arbitration rule from the Code of Federal Regulations.
Cordray might not be at the bureau much longer though to ensure it maintains a “strong check on financial companies.”
When Trump signed the resolution to overturn the rule, Trump, House Financial Services Committee Chairman Jeb Hensarling, R-Texas, Rep. Sean Duffy, R-Wisc., and others reportedly discussed firing Cordray from his position at the CFPB, something that Hensarling has repeatedly called for in recent years.
