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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. 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.

C. Ryan Barber

C. Ryan Barber, based in Washington, covers government affairs and regulatory compliance. Contact him at cbarber@alm.com. On Twitter: @cryanbarber

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