The Consumer Financial Protection Bureau (CFPB) has been getting some praise from unlikely sources: the very industries it regulates, who frequently chafe under its restraint.

Public comments filed by industry groups criticizing a proposed CFPB rule to limit the use of forced-arbitration clauses in consumer contracts cited the agency's success as justification for why such a rule isn't necessary.

"Government enforcement actions are effective in addressing consumer harm and changing corporate behavior," wrote a trio of trade organizations—the American Bankers Association, the Consumer Bankers Association and the Financial Services Roundtable—in an Aug. 22 letter commenting on a proposed CFPB rule to limit the use of forced-arbitration clauses in consumer contracts.Alan Kaplinsky, who helped write the bankers' letter and heads the Consumer Financial Services Group at Ballard Spahr LLP, told Bloomberg BNA that he does not think the CFPB will digest the comments and issue a final rule until early or mid-2017.

He's not optimistic the bankers' comments and others like it will have much effect, he said.

"I think the bureau has been on a mission to rein in the use of arbitration and particularly the use of class-action waivers, and I don't think they're going to let anything get in the way of that," he said.

People