Treasury Department Slimes Obama Era Holdout Agency
A hallmark of the Obama administration has been blasted by the Treasury Department—for issuing regulations that guarantee Americans’ right to sue misbehaving Wall Street firms. Treasury on Monday released a report criticizing the Consumer Financial Protection Bureau for its forced arbitration rule. The paper accused the CFPB of cherry-picking research during its rule-making process, and of effectively seeking to line the pockets of class action lawyers—despite readily admitting that 69 percent of such sums go to plaintiffs. In July, the CFPB finalized its rule, preventing…