Consumer Financial Protection Bureau Director Richard Cordray urged President Trump Monday to veto a congressional measure invalidating the bureau's arbitration rule.
“The resolution is now before you to decide whether it will stand or fall,” Cordray wrote of the rule in a letter to Trump.
The Senate narrowly approved using the Congressional Review Act to overturn the regulation, with Vice President Mike Pence casting the tiebreaking vote. The CFPB rule would have required banks to remove arbitration clauses that prevent consumers from filing class-action lawsuits.
The letter comes as Republicans in Congress and the administration continue to criticize CFPB policies under Cordray, and amid speculation that GOP leaders have discussed how to remove him.
Read more in American Banker.