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B-329236 1 (2017-08-02)

handle is hein.gao/gaobadtrp0001 and id is 1 raw text is: G A O U.S. GOVERNMENT ACCOUNTABILITY OFFICE 441 G St. N.W. Washington, DC 20548 B-329236 August 2, 2017 The Honorable Michael Crapo Chairman The Honorable Sherrod Brown Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Jeb Hensarling Chairman The Honorable Maxine Waters Ranking Member Committee on Financial Services House of Representatives Subject: Bureau of Consumer Financial Protection: Arbitration Agreements Pursuant to section 801 (a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Bureau of Consumer Financial Protection (CFPB) entitled Arbitration Agreements (RIN: 3170-AA51). We received the rule on July 10, 2017. It was published in the Federal Register as a final rule; official interpretations on July 19, 2017, with an effective date of September 18, 2017. 82 Fed. Reg. 33,210. The final rule prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action concerning the covered consumer financial product or service. Additionally, the final rule requires covered providers that are involved in arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to CFPB and also to submit specified court records. Enclosed is our assessment of CFPB's compliance with the procedural steps required by section 801 (a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that CFPB complied with the applicable requirements.

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