The Modern Arbitration Frankenstein: The Rise and Fall of the Consumer Financial Protection Bureau’s Arbitration Rule

This Comment will analyze the CFPB’s proposed rule prohibiting companies from including a ban on class actions within their arbitration provisions. The CFPB’s proposed rule5 has created a political firestorm, resulting in strong opposition to the ban on class action waivers amongst both House and Senate legislators. Further, the current proposed rule has already been rejected by the House, utilizing the Congressional Review Act, an act passed in 1996 that allows the legislature to “fast-track” votes on legislation with only a simple majority from both houses of Congress, to enable a vote. The debate that surrounded the rule reflects the modern debate surrounding the efficacy of using arbitration provisions in consumer contract