Adjunct Professor George H. Friedman wrote a blog post about the arbitration and financial services field following the midterm elections.
The Democrats in 2017 introduced several anti-arbitration Bills that have predictably gone nowhere far as described in my blog post, Baseball Season is Here! You Can’t Tell the Anti-Arbitration Bills Without a Scorecard. These Bills will continue to go nowhere in this Congress, which expires in early January, just as occurred in 2016… and 2015… and 2014. The Bills will undoubtedly be reintroduced in the next Congress, and some may pass the House. They will, however, be DOA in the Senate.
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As for the Consumer Financial Protection Bureau (“CFPB”), a bipartisan coalition of over thirty State and Territorial Attorneys General have written to Acting Director Mick Mulvaney urging the Bureau to reconsider its policy on enforcing the Military Lending Act (“MLA”). The October 24th letter came in response to a CFPB announcement last summer that it would only investigate specific complaints based on the MLA, a step back from its former practice of systemic inspections and investigations. Say the AGs: “We write to express our concern about recent reports that the Consumer Financial Protection Bureau (CFPB) will no longer ensure that lenders are complying with the Military Lending Act (MLA) as part of its regular, statutorily mandated supervisory examinations. We believe that such a move would significantly harm the servicemembers who live and work in our states and that it would be contrary to the CFPB’s statutory mandate.”
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With an expanded GOP majority in the Senate – and with Senators Corker (R-TN), Flake (R-AZ) and the late John McCain (R-AZ) replaced by more reliably pro-Trump Senators – the President should have an easier time getting his judicial and agency head nominees approved by the next Senate. For example, the President’s nominee for the SEC Commissioner vacancy coming with the imminent departure of Democrat Kara M. Stein should sail through a solidly-GOP Senate. Also, the nomination of Kathy Kraninger[3] for a five-year term as CFPB Director, which was approved by the Senate Banking Committee on August 23, will doubtless be approved by either the lame duck or next Senate. And, last but by no means least, President Trump added to SCOTUS two pro-arbitration Justices, Neil Gorsuch and Brett M. Kavanaugh, and I’m certain if there are any further vacancies on the Court, Mr. Trump’s nominees will be pro-arbitration and will be approved by the new Senate.