Arbitration Agreements, 55500 [2017-25324]

Download as PDF 55500 Federal Register / Vol. 82, No. 224 / Wednesday, November 22, 2017 / Rules and Regulations (5) Deduct an amount equal to any PCC or NCA that the corporate credit union maintains at another corporate credit union; (6) Deduct any amount of PCC received from federally insured credit unions that causes PCC minus retained earnings, all divided by moving daily average net assets, to exceed two percent when a corporate credit union’s retained earnings ratio is less than two and a half percent. * * * * * ■ 3. In Appendix B to part 704, in part I, revise paragraphs (b)(2) and (3) to read as follows: Appendix B to Part 704—Expanded Authorities and Requirements * * * * * Part I * * * * * (b) * * * (2) 28 percent if the corporate credit union has a seven percent minimum leverage ratio and a two and a half percent retained earnings ratio, and is specifically approved by the NCUA; or (3) 35 percent if the corporate credit union has an eight percent minimum leverage ratio and a three percent retained earnings ratio and is specifically approved by the NCUA. * * * * * [FR Doc. 2017–25223 Filed 11–21–17; 8:45 am] BILLING CODE 7535–01–P BUREAU OF CONSUMER FINANCIAL PROTECTION 12 CFR Part 1040 [Docket No. CFPB–2016–0020] RIN 3170–AA51 Arbitration Agreements Bureau of Consumer Financial Protection. ACTION: Final rule; CRA revocation. AGENCY: Under the Congressional Review Act, Congress has passed and the president has signed a joint resolution disapproving a final rule published by the Bureau of Consumer Financial Protection (Bureau) on July 19, 2017, to regulate arbitration agreements in contracts for specified consumer financial products and services. Under the joint resolution and by operation of the Congressional Review Act, the arbitration agreements rule has no force or effect. The Bureau is hereby removing it from the Code of Federal Regulations (CFR). DATES: This action is effective November 22, 2017. ethrower on DSK3G9T082PROD with RULES SUMMARY: VerDate Sep<11>2014 16:22 Nov 21, 2017 Jkt 244001 FOR FURTHER INFORMATION CONTACT: Owen Bonheimer and Nora Rigby, Senior Counsels, Office of Regulations, Consumer Financial Protection Bureau, at 202–435–7700 or cfpb_reginquiries@ cfpb.gov. Press inquiries should be directed to the Office of Communications, at 202–435–7170 or press@consumerfinance.gov. SUPPLEMENTARY INFORMATION: I. Background Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Pub. L. 111– 203), on July 10, 2017, the Bureau issued a final rule titled Arbitration Agreements to regulate pre-dispute arbitration agreements in contracts for specified consumer financial products and services. The Bureau published the arbitration agreements rule in the Federal Register on July 19, 2017 (82 FR 33210), establishing 12 CFR part 1040. As required by section 1028(a) of the Dodd-Frank Act, the arbitration agreements rule followed the publication and delivery to Congress of the Bureau’s March 2015 study concerning the use of pre-dispute arbitration agreements. The arbitration agreements rule would have imposed two sets of limitations on the use of predispute arbitration agreements by providers of certain consumer financial products and services. First, the arbitration agreements rule would have prohibited providers from using a predispute arbitration agreement to block consumer class actions in court and would have required providers to include a provision reflecting this limitation in arbitration agreements they entered into. Second, the arbitration agreements rule would have required providers to redact and submit to the Bureau certain records relating to arbitral proceedings and relating to the use of pre-dispute arbitration agreements in court, and would have required the Bureau to publish these records on its Web site. While the arbitration agreements rule became effective on September 18, 2017, the arbitration agreements rule would have applied only to pre-dispute arbitration agreements entered into after March 19, 2018. The United States House of Representative passed House Joint Resolution 111 disapproving the arbitration agreements rule under the Congressional Review Act (5 U.S.C. 801 et seq.) on July 25, 2017. The United States Senate passed the joint resolution on October 24, 2017. President Donald J. Trump signed the joint resolution into law as Public Law 115–74 on November PO 00000 Frm 00008 Fmt 4700 Sfmt 4700 1, 2017. Under the joint resolution and by operation of the Congressional Review Act, the arbitration agreements rule has no force or effect. Accordingly, the Bureau is hereby removing the final rule titled Arbitration Agreements from the CFR. II. Procedural Requirements This action is not an exercise of the Bureau’s rulemaking authority under the Administrative Procedure Act (APA) because the Bureau is not ‘‘formulating, amending, or repealing a rule’’ under 5 U.S.C. 551(5). Rather, the Bureau is effectuating changes to the CFR to reflect what congressional action has already accomplished. Accordingly, the Bureau is not soliciting comments on this action. List of Subjects in 12 CFR Part 1040 Banks, Banking, Business and industry, Claims, Consumer protection, Contracts, Credit, Credit unions, Finance, National banks, Reporting and recordkeeping requirements, Savings associations. PART 1040—[REMOVED] For the reasons set forth above, and pursuant to the Congressional Review Act (5 U.S.C. 801 et seq.) and Public Law 115–74 (131 Stat. 1243), the Bureau amends 12 CFR chapter X by removing part 1040. Dated: November 15, 2017. Richard Cordray, Director, Bureau of Consumer Financial Protection. [FR Doc. 2017–25324 Filed 11–21–17; 8:45 am] BILLING CODE 4810–AM–P DEPARTMENT OF TRANSPORTATION Federal Aviation Administration 14 CFR Part 25 [Docket No. FAA–2017–0951; Special Conditions No. 25–706–SC] Special Conditions: Mitsubishi Aircraft Corporation Model MRJ–200 airplane; Design Roll Maneuver for Electronic Flight Controls Federal Aviation Administration (FAA), DOT. ACTION: Final special conditions; request for comments. AGENCY: These special conditions are issued for Mitsubishi Aircraft Corporation (Mitsubishi) Model MRJ– 200 airplanes. These airplanes will have a novel or unusual design feature when compared to the state of technology SUMMARY: E:\FR\FM\22NOR1.SGM 22NOR1

Agencies

[Federal Register Volume 82, Number 224 (Wednesday, November 22, 2017)]
[Rules and Regulations]
[Page 55500]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-25324]


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BUREAU OF CONSUMER FINANCIAL PROTECTION

12 CFR Part 1040

[Docket No. CFPB-2016-0020]
RIN 3170-AA51


Arbitration Agreements

AGENCY: Bureau of Consumer Financial Protection.

ACTION: Final rule; CRA revocation.

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SUMMARY: Under the Congressional Review Act, Congress has passed and 
the president has signed a joint resolution disapproving a final rule 
published by the Bureau of Consumer Financial Protection (Bureau) on 
July 19, 2017, to regulate arbitration agreements in contracts for 
specified consumer financial products and services. Under the joint 
resolution and by operation of the Congressional Review Act, the 
arbitration agreements rule has no force or effect. The Bureau is 
hereby removing it from the Code of Federal Regulations (CFR).

DATES: This action is effective November 22, 2017.

FOR FURTHER INFORMATION CONTACT: Owen Bonheimer and Nora Rigby, Senior 
Counsels, Office of Regulations, Consumer Financial Protection Bureau, 
at 202-435-7700 or cfpb_reginquiries@cfpb.gov. Press inquiries should 
be directed to the Office of Communications, at 202-435-7170 or 
press@consumerfinance.gov.

SUPPLEMENTARY INFORMATION: 

I. Background

    Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act (Pub. L. 111-203), on July 10, 2017, the 
Bureau issued a final rule titled Arbitration Agreements to regulate 
pre-dispute arbitration agreements in contracts for specified consumer 
financial products and services. The Bureau published the arbitration 
agreements rule in the Federal Register on July 19, 2017 (82 FR 33210), 
establishing 12 CFR part 1040. As required by section 1028(a) of the 
Dodd-Frank Act, the arbitration agreements rule followed the 
publication and delivery to Congress of the Bureau's March 2015 study 
concerning the use of pre-dispute arbitration agreements. The 
arbitration agreements rule would have imposed two sets of limitations 
on the use of pre-dispute arbitration agreements by providers of 
certain consumer financial products and services. First, the 
arbitration agreements rule would have prohibited providers from using 
a pre-dispute arbitration agreement to block consumer class actions in 
court and would have required providers to include a provision 
reflecting this limitation in arbitration agreements they entered into. 
Second, the arbitration agreements rule would have required providers 
to redact and submit to the Bureau certain records relating to arbitral 
proceedings and relating to the use of pre-dispute arbitration 
agreements in court, and would have required the Bureau to publish 
these records on its Web site. While the arbitration agreements rule 
became effective on September 18, 2017, the arbitration agreements rule 
would have applied only to pre-dispute arbitration agreements entered 
into after March 19, 2018.
    The United States House of Representative passed House Joint 
Resolution 111 disapproving the arbitration agreements rule under the 
Congressional Review Act (5 U.S.C. 801 et seq.) on July 25, 2017. The 
United States Senate passed the joint resolution on October 24, 2017. 
President Donald J. Trump signed the joint resolution into law as 
Public Law 115-74 on November 1, 2017. Under the joint resolution and 
by operation of the Congressional Review Act, the arbitration 
agreements rule has no force or effect. Accordingly, the Bureau is 
hereby removing the final rule titled Arbitration Agreements from the 
CFR.

II. Procedural Requirements

    This action is not an exercise of the Bureau's rulemaking authority 
under the Administrative Procedure Act (APA) because the Bureau is not 
``formulating, amending, or repealing a rule'' under 5 U.S.C. 551(5). 
Rather, the Bureau is effectuating changes to the CFR to reflect what 
congressional action has already accomplished. Accordingly, the Bureau 
is not soliciting comments on this action.

List of Subjects in 12 CFR Part 1040

    Banks, Banking, Business and industry, Claims, Consumer protection, 
Contracts, Credit, Credit unions, Finance, National banks, Reporting 
and recordkeeping requirements, Savings associations.

PART 1040--[REMOVED]

    For the reasons set forth above, and pursuant to the Congressional 
Review Act (5 U.S.C. 801 et seq.) and Public Law 115-74 (131 Stat. 
1243), the Bureau amends 12 CFR chapter X by removing part 1040.

    Dated: November 15, 2017.
Richard Cordray,
Director, Bureau of Consumer Financial Protection.
[FR Doc. 2017-25324 Filed 11-21-17; 8:45 am]
 BILLING CODE 4810-AM-P