Alternative Dispute Resolution (ADR) Finance & Banking Consumer Protection

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NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more

Cordray’s CNBC interview answers few questions

Recently, Richard Cordray was interviewed by CNBC while eating breakfast at a diner in his hometown in Ohio.  The interview was more noteworthy for what it failed to cover than for what it covered.  He was not asked the...more

Fate of House bill to change class action procedures could be barometer for CFPB arbitration rule

On February 9, 2017, the House Judiciary Committee by a vote of 19-12 passed the Fairness in Class Action Litigation Act of 2017, a bill that would make significant changes to the procedures for class actions in federal...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

NAIC Draws Line In CFPB Sand Box

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban of “mandatory arbitration” clauses that make financial product consumers waive their right...more

NAIC Draws Line in CFPB Sandbox

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban on "mandatory arbitration" clauses that make financial product consumers waive their right...more

Non-profit group files FOIA action against CFPB for access to arbitration rule records

The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule. In its complaint filed in D.C. federal...more

Will the CFPB issue a final arbitration rule before Jan. 20?

Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

Election results portend significant changes for CFPB

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely...more

CFPB’s Proposed Ban On Class Action Waivers Draws Widespread Criticism

In May 2016, the Consumer Financial Protection Bureau (“CFPB”) took another step in its effort to ban class action waivers in certain pre-dispute arbitration agreements for consumer financial products and services, formally...more

To Arbitrate or Not to Arbitrate? Groups Comment on CFPB Proposal

As the deadline for input nears, stakeholders on both sides of the issue filed comments weighing in on the Consumer Financial Protection Bureau’s (CFPB or the Bureau) proposal on arbitration....more

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

House Committee approves Dodd-Frank replacement bill

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the...more

Financial Services Weekly News - September 2016

Editor's Note - The OCC Takes Another Step Toward a Limited Purpose FinTech Charter. On September 13, in a speech at the Marketplace Lending Policy Summit 2016, Comptroller of the Currency Thomas J. Curry discussed the...more

Eleventh Circuit Invalidates Another Western Sky Arbitration Clause

On August 29, 2016, the Eleventh Circuit upheld a Northern District of Georgia decision invalidating an arbitration clause in Jessica Parm v. National Bank of California, N.A. (Docket No. 15-12509). Defendant National Bank...more

[Webinar] Proposed Elimination of Arbitration Clauses (Proposed Borrower Defense Rule Series) - September 7th, 12:00pm CST

The third webinar in our series will examine the proposed elimination of arbitration clauses in agreements between students and institutions. We will discuss the particulars of the proposal, to include the potential impact...more

CFPB and Banks Battle Over Arbitration Clauses, Class Actions

After the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized its creation, the Consumer Financial Protection Bureau (CFPB) began operating on July 21, 2011. In the more than five years since it...more

Trade groups comment on CFPB arbitration proposal

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration...more

CFPB’s Proposed Arbitration Rule Prompts Thousands of Comments

The comment period for the Consumer Financial Protection Bureau (CFPB)’s proposed arbitration rulemaking ended on Monday, and the Bureau received nearly 11,000 comments both strongly supporting and opposing the proposed rule....more

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule. The CFPB’s proposal...more

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more

Democratic lawmakers urge adoption of CFPB arbitration proposal

A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s...more

Top 5 Things the Financial Industry Needs to do in Response to the CFPB’s Proposed Arbitration Rule

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long awaited and highly controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more

CFPB’s Proposed Rule Banning Use of Pre-Dispute Arbitration Agreements to Block Consumer Class Actions Signals New Wave of Class...

On May 5, the Consumer Financial Protection Bureau (CFPB or Bureau) published a proposed rule which would prohibit application of pre-dispute arbitration agreements to class litigation involving a broad range of consumer...more

CFPB: The Quarterly Review - July 2016

In This Issue: •The CFPB Speaks •Rulemaking •Debt Collection •Payday Lending •Mortgages •Upcoming in 2016 - In the second quarter of 2016, the CFPB continued its strong pace of activity, initiating two...more

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