NEW YORK – The Trump administration’s Treasury Department has come out against a set of new regulations that would allow consumers to band together to sue their bank or credit card company.
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A Treasury Department report released Monday takes aim at the Consumer Financial Protection Bureau’s so-called forced arbitration rules, which the agency finalized this summer. In the report, the department questions whether the rules are in consumers’ interests and says the agency failed to consider alternatives.
The report comes as Congressional Republicans are trying to rally support to pass a bill to override the CFPB’s new regulations. But the November deadline for passing an override under what’s known as the Congressional Review Act is approaching. The House has passed the bill but the Senate’s version has stalled.
