iThe CFPB has issued a small entity compliance guide for its arbitration rule. The rule became effective on September 18, and compliance with the rule is required with regard to pre-dispute arbitration agreements entered into on or after March 19, 2018.
The Senate has before it a joint resolution under the Congressional Review Act to override the arbitration rule. In July 2017, the House passed a CRA joint resolution of disapproval by a vote of 231-190. If the Senate passes the resolution, President Trump is expected to sign it into law.
Under the CRA, enactment of a resolution of disapproval to override the arbitration rule would block the rule from continuing in effect. Should that happen, the CFPB’s guide to compliance could become the regulatory equivalent of newspapers with the headline “Dewey Defeats Truman.”
