Organizations representing a variety of financial and business interests have jointly filed suit in a bid to deep-six the controversial arbitration rule issued earlier this year by the CFPB. The litigation was filed by the U.S. Chamber of Commerce, along with the American Bankers Association, the American Financial Services Association, the Consumer Bankers Association, the Financial Services Roundtable, the Texas Association of Business, the Texas Bankers Association, and a coalition of chambers of commerce throughout Texas. The groups are challenging the constitutionality and legality of the CFPB’s rule. Their basic position is that the rule effectively precludes the use of arbitration agreements in disputes between consumers and providers of consumer financial products and services, and instead renders class-action litigation the ...