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Professor Sovern Disagrees with Senator Warren and Concedes that Consumers Do Well in Arbitration But Raises Another Red Herring

Professor Jeff Sovern has responded to our recent blog, “Senator Warren’s Numbers Don’t Add Up,” with a blog of his own. He does not contest the main point of our blog, which was that Senator Warren’s claim that consumers...more

Senator Warren’s Numbers Don’t Add Up

In a press release issued earlier this week, Senator Elizabeth Warren argued that the CFPB’s arbitration rule should not be repealed under the Congressional Review Act because consumers recovered “in only 9 percent of the...more

Upcoming Programs On CFPB Arbitration Rule

In July, the CFPB issued its Final Arbitration Rule on the use of arbitration provisions in consumer financial services products and services.  I will be participating in two upcoming programs related to the Rule....more

Equifax And The CFPB Arbitration Rule: A Tempest In A Teapot

The recent data breach disclosure by Equifax raised an outcry from consumer advocates trying to link the data breach to the Consumer Financial Protection Bureau’s (CFPB) final arbitration rule. They are portraying this...more

Director Cordray’s Op-Ed Disregards Many Inconvenient Facts

In an op-ed published in today’s New York Times, CFPB Director Richard Cordray argues against congressional repeal of the agency’s final arbitration rule by “correcting the record.” He contends that the CFPB’s March 2015...more

State AGs urge Senate rejection of CRA resolution to disapprove CFPB arbitration rule

A group of 19 state attorneys general and the District of Columbia attorney general have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer expressing the AGs’ “strong...more

Acting Comptroller passes on FSOC challenge to CFPB arbitration rule

In a statement released today, Acting Comptroller Keith Noreika announced that he will not petition the Financial Stability Oversight Council to stay the effective date of the CFPB’s final arbitration rule....more

House passes H.J. Res. 111 to override CFPB arbitration rule

Yesterday afternoon, the House of Representatives, by a 231-190 partisan vote, passed H.J. Res. 111 which provides for Congressional disapproval under the Congressional Review Act (CRA) of the CFPB’s final arbitration rule...more

House likely to pass H.J. Res. 111 today to override CFPB Arbitration Rule

Yesterday at 5:00 p.m., the House Rules Committee, by a 9-4 partisan vote, reported a rule on H.J. Res. 111 with a recommendation that the resolution be adopted. H.J. Res. 111 provides for Congressional disapproval under the...more

Acting Comptroller reacts to Director Cordray’s latest response; final arbitration rule published in Federal Register

In a letter dated July 18, 2017 to Acting Comptroller Noreika purporting to respond to Acting Comptroller Noreika’s July 17 letter, Director Cordray continued to question how there could be “any plausible basis for [Acting...more

Director Cordray continues to doubt that safety and soundness concerns are raised by the final arbitration rule

The letter-writing war between Director Cordray and Acting Comptroller Keith Noreika continues. Director Cordray sent a letter dated July 18, 2017 to Acting Comptroller Noreika in which he purports to respond to Acting...more

CFPB final arbitration rule to be published in Federal Register on July 19

The CFPB final arbitration rule is scheduled to be published in the Federal Register today, July 19. The rule’s effective date will be the 60th day after publication and the compliance date will be March 19, 2018. Based...more

Acting Comptroller asks Director Cordray to delay publication of CFPB final arbitration rule

Keith Noreika, the Acting Comptroller of the Currency, has sent a letter dated July 17 to Director Cordray asking him to delay publication of the CFPB’s final arbitration rule in the Federal Register. The July 17 letter...more

Professor Sovern unfairly criticizes Senator Cotton’s stance on CFPB final arbitration rule

Recently, Professor Jeff Sovern criticized Senator Tom Cotton of Arkansas for announcing that he would seek to block the CFPB’s final arbitration rule using the Congressional Review Act. Professor Sovern quoted Senator...more

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...more

The Financial Stability Oversight Council: another potential route for overturning the CFPB’s final arbitration rule

In addition to the passage of legislation amending the Dodd-Frank Act (DFA), disapproval under the Congressional Review Act, and a legal challenge filed in court, a fourth potential route for stopping the CFPB’s final...more

Lawmakers announce plans to use CRA to overturn CFPB arbitration rule

Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under...more

The CFPB’s arbitration rule video: education or lobbying?

In a new video posted on its website entitled “CFPB’s New Arbitration Rule: Take Action Together,” the CFPB tells consumers that arbitration agreements prevent them from joining together to hold companies accountable for...more

CFPB issues final rule prohibiting class action waivers in consumer arbitration agreements

The CFPB announced yesterday that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any...more

CFPB Issues Final Rule Prohibiting Class Action Waivers in Consumer Arbitration Agreements

The Consumer Financial Protection Bureau (CFPB) yesterday announced that it has issued a final rule that prohibits covered providers of certain consumer financial products and services from using an agreement with a consumer...more

California anti-arbitration law nears passage

California’s legislative effort to allow consumers to sue financial institutions for fraud even though they have agreed to arbitrate such disputes passed the Assembly Judiciary Committee this week and is expected to pass the...more

Will he or will he not issue the arbitration rule?

I have previously expressed serious doubt whether Director Cordray will issue a final arbitration rule. In the CFPB’s last semi-annual regulatory agenda issued last year, the CFPB stated that the arbitration rule would be...more

DOJ, reversing course, opposes NLRB ban on class action waivers

In an unusual turn-about, the U.S. Justice Department has reconsidered its earlier position in a set of closely watched arbitration cases that the Supreme Court will decide next term and filed an amicus brief supporting the...more

U.S. Supreme Court Reaffirms FAA Preemption Over Discriminatory State Laws

Emphasizing that the Federal Arbitration Act (FAA) preempts state laws that "single out arbitration agreements for disfavored treatment," the U.S. Supreme Court has overturned the Kentucky Supreme Court's refusal to enforce...more

Director Cordray responds to questions on proposed arbitration rule

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule. The comment period on the proposed rule closed on August 22, 2016. ...more

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