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U.S. Sen. Warren Questions Big Banks on Arbitration

As expected, U.S. Sen. Elizabeth Warren (D-Mass) is not going to let the CFPB’s final rule on arbitration agreements go down without a fight. The ranking member of the Senate Banking Committee’s Subcommittee on Financial Institutions and Consumer Protections wants big banks—not just their lobbyists—to address the issue.


Plaintiff Appeals U.K. Competition Appeal Tribunal Decision in £14 Billion Suit

Former financial ombudsman Walter Merricks is appealing the U.K.’s Competition Appeal Tribunal’s decision not to certify his claim in a proposed £14 billion (US$18.2 billion) class action lawsuit against Mastercard over interchange.


NBPCA Requests More Changes, More Time to Comply with CFPB’s Prepaid Accounts Rule

The Network Branded Prepaid Card Association submitted its comment letter to the CFPB on the bureau’s proposed changes to the final prepaid accounts rule on Aug. 4. The trade group is calling for additional revisions to the rule as well as an extended implementation period. 


CFPB Overdraft Disclosure Protoypes Could Foreshadow Regs

The CFPB has released a new overdraft study, along with four prototypes of “Know Before You Owe” disclosures, which the bureau is testing, possibly ahead of regulating checking account overdrafts.


Billers Beware: CFPB Warns Companies against ‘Tricking’ Consumers into Expensive Pay-by-Phone Fees

The CFPB issued a bulletin July 31 warning companies about tricking consumers into expensive pay-by-phone fees. The bureau says it’s concerned about companies potentially misleading consumers about the purpose and amount of certain pay-by-phone fees or “keeping them in the dark” about much cheaper payment options.


House Passes CRA Repeal of Arbitration Rule

The U.S. House of Representatives voted on July 25 in favor of HJR 111 to repeal the CFPB’s final rule on arbitration agreements. The vote was 231-190, but the companion resolution in the Senate may be on the back burner for a while as the Senate focuses on budget and health care battles.


U.S. House to Vote on Arbitration Rule Repeal Tomorrow

As promised, Congressional Republicans have introduced joint Congressional Review Act resolutions to repeal the CFPB’s recently finalized rule on arbitration agreements. The House is expected to vote July 25 on its version of the resolution (HJR 111), which Rep. Keith J. Rothfus (R-Penn.) introduced in the House on July 20 with 33 co-sponsors.


Mastercard Triumphs against £14 Billion Collective Action Lawsuit

Mastercard can breathe a sigh of relief as the £14 billion (US$18.15 billion) lawsuit—a collective action over card charges that were passed on to shoppers—has been stopped by the U.K.’s Competition Appeals Tribunal.


U.K. Bans Surcharging, Load Fees Could Be at Risk

The U.K.’s HM Treasury is banning surcharges on credit and debit card payments. For prepaid card providers, the new rules put significant fee income related to card-loading at risk, according to Polymath Consulting.


Congressional Republicans Look to Dismantle CFPB’s Arbitration Rule

It didn’t take long for Congressional Republicans to pounce on the CFPB’s final rule on arbitration agreements, which the agency released on July 10. House Financial Services Committee Chairman Jeb Hensarling said he would support use of the Congressional Review Act to dismantle the rule, while Sen. Tom Cotton (Ark.) already has drafted a CRA resolution and is working with Senate Banking Committee Chairman Mike Crapo (Idaho) to introduce it “soon.”