LexisNexis ( October 19, 2017, 12:06 PM EDT) -- On September 19, 2017, the Consumer Financial Protection Bureau (CFPB) released a "small entity compliance guide" relating to its newly effective arbitration rule. The arbitration rule – which was released this July and has since been met with industry criticism and controversy – prohibits certain financial services companies from relying on arbitration clauses to block class action lawsuits. As institutions of all sizes work to understand the rule and ensure their financial products and agreements are compliant by the mandatory compliance date of March 19, 2018, the release of a small entity compliance guide is a welcome additional resource for assisting smaller institutions such as community banks and credit unions with implementation of the rule's requirements....