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The CFPB issued a small-entity compliance guide last week for its arbitration rulemaking that includes a rule summary and other information meant to help financial institutions comply. Compliance is required for pre-dispute arbitration agreements entered into on or after March 19, 2018.

The small-entity compliance guide also uses examples to help explain some portions of the rulemaking.

NAFCU has told the CFPB that while it strongly supports consumer protections, credit unions should not have been included in this rulemaking as they are not the bad actors the rule is meant to target. The association also wants credit unions to have access to various forms of dispute resolution and told the CFPB that the rule's reporting requirements could lead to a rise in frivolous lawsuits.

The House, in July, passed a resolution expressing disapproval of the final rulemaking. Under the Congressional Review Act, legislators can vote to overrule new federal regulations with a joint resolution of disapproval within 60 legislative days after regulators have submitted the rule to Congress. The Senate has yet to vote on the resolution and while there is still time, the rule technically took effect Monday.