Arbitration Agreements

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Bureau of Consumer Financial Protection 12 CFR Part 1040 [Docket No. CFPB-2016-0020] RIN 3170-AA51 AGENCY: Bureau of Consumer Financial Protection. ACTION: Final rule; CRA revocation. SUMMARY: Under the Congressional Review Act, Congress has passed and the president has signed a joint resolution disapproving a final rule published by the Bureau of Consumer Financial Protection (Bureau) on July 19, 2017, to regulate arbitration agreements in contracts for specified consumer financial products and services. Under the joint resolution and by operation of the Congressional Review Act, the arbitration agreements rule has no force or effect. The Bureau is hereby removing it from the Code of Federal Regulations (CFR). DATES: This action is effective November 22, 2017. FOR FURTHER INFORMATION CONTACT: Owen Bonheimer and Nora Rigby, Senior Counsels, Office of Regulations, Consumer Financial Protection Bureau, at 202-435-7700 or cfpb_reginquiries@cfpb.gov . Press inquiries should be directed to the Office of Communications, at 202-435-7170 or press@consumerfinance.gov . SUPPLEMENTARY INFORMATION: I. Background Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Pub. L. 111-203 ), on July 10, 2017, the Bureau issued a final rule titled Arbitration Agreements to regulate pre-dispute arbitration agreements in contracts for specified consumer financial products and services. The Bureau published the arbitration agreements rule in the Federal Regis…