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CFPB Director Richard Cordray speaking at the U.S. Chamber of Commerce's 11th Annual Capital Markets Summit: Financing American Business, in Washington, D.C. March 30, 2017.CFPB Director Richard Cordray speaking at the U.S. Chamber of Commerce’s 11th Annual Capital Markets Summit: Financing American Business, in Washington, D.C. March 30, 2017. (Photo: Diego M. Radzinschi/ALM)

The Consumer Financial Protection Bureau on Monday finalized a sweeping new rule banning arbitration agreements that prevent class actions against banks and other financial institutions, setting the stage for parallel legal and political fights over a regulation that Republican lawmakers will seek to overturn before it sees the light of day.

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