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Republican lawmakers move forward on CRA resolutions to override CFPB arbitration rule

by Ballard Spahr LLP on

House and Senate Republicans announced yesterday that they are sponsoring Congressional Review Act resolutions to override the CFPB’s final arbitration rule, which was published in the Federal Register. ...more

No Certification Where Loss of Data Prevents Class Identification

by BakerHostetler on

Identifying potential class members is not an issue in most employment cases, as the employer likely has any number of employment records for each of the claimants, including personnel files, electronic data, tax forms, time...more

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

Third Circuit Confirms That One Call Is All for TCPA Violation

One errant solicitation call to the wrong person’s cellphone is all it takes to trigger liability under the TCPA. That was the essence of last week’s decision by the Third Circuit Court of Appeals in the putative class action...more

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

by Ballard Spahr LLP on

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

The Consumer Financial Protection Bureau’s Summer Gift to Plaintiff’s Counsel

by Seyfarth Shaw LLP on

Seyfarth Synopsis: The Consumer Financial Protection Bureau issued a final rule that exposes financial services companies to increased litigation by banning the use of arbitration agreements to block consumer class actions. ...more

State bankers associations urge CRA override of CFPB arbitration rule

by Ballard Spahr LLP on

State bankers associations from all 50 states and Puerto Rico have sent a letter to Senate Majority Leader Mitch McConnell and Senate Minority Leader Charles Schumer urging them to support efforts to override the CFPB’s final...more

FTC proposes using Internet panel for class action notice study

by Ballard Spahr LLP on

As part of its “Class Action Fairness Project,” the FTC is seeking comment on its plans to use an Internet panel to conduct research on class action notices. According to the FTC’s Federal Register notice, the project...more

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

by Ballard Spahr LLP on

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

CFPB Issues Final Arbitration Rule; Efforts to Nullify Are Underway

by Pepper Hamilton LLP on

On July 10, the Consumer Financial Protection Bureau (CFPB) issued a final rule prohibiting a broad range of covered parties from including class action waivers in their pre-dispute arbitration agreements. The rule also...more

U.S. Chamber to hold July 19 event on CFPB final arbitration rule

by Ballard Spahr LLP on

This Wednesday, July 19, the U.S. Chamber’s Center for Capital Markets Competitiveness  and U.S. Chamber Institute for Legal Reform will hold an event in Washington, D.C. entitled “CFPB’s Anti-Arbitration Rule: Analysis &...more

SoulCycle Settles Gift Card Lawsuit For Up To $9.2 Million

by Reed Smith on

Popular indoor cycling company SoulCycle Inc. recently settled a nationwide putative class action in an agreement valued between $6.9 million and $9.2 million. The suit alleged that SoulCycle defrauded customers by selling...more

The Consumer Financial Protection Bureau Adopts New Rule Barring Class Action Waivers in Arbitration Agreements

As expected, and with few changes, the Consumer Financial Protection Bureau adopted its proposed rule barring financial companies regulated by the agency from including class action waivers in arbitration agreements....more

The CFPB’s Disagreement with Our Calculation of the Industry Costs of the Arbitration Rule Is Much Ado About Nothing

by Ballard Spahr LLP on

In its final arbitration rule issued on July 10, 2017, the CFPB responds to our calculation, made when the proposed rule was issued in May 2016, that the rule will cause 53,000 providers who currently use arbitration...more

Future of CFPB’s Arbitration Rule Unknown as Republicans Eye Congressional Review Act

by Carlton Fields on

On June 10, 2017, the Consumer Financial Protection Bureau (CFPB) published a final rule attacking the use of class action waivers in arbitration clauses in certain consumer contracts. The new rule prohibits covered...more

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

You Can’t Always Get What You Want—Second Circuit Affirms Parties Can Bargain Away TCPA Right To Revoke Consent To Automated Calls

As the Rolling Stones famously sing, “You can’t always get what you want.” And in the ever treacherous world of the Telephone Consumer Protection Act (“TCPA”), 47 U.S.C. § 227, et seq., the Second Circuit has ruled that means...more

Arbitration Regulation Bars Class Action Waivers

by Bass, Berry & Sims PLC on

On July 10, the Consumer Financial Protection Bureau(CFPB) issued its final rule preventing certain financial product and service providers from including in their consumer contracts pre-dispute arbitration provisions that...more

Lawmakers announce plans to use CRA to overturn CFPB arbitration rule

by Ballard Spahr LLP on

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?

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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 Shows Grit; Issues Rule Curtailing Financial Arbitration

The CFPB yesterday issued a consumer-friendly rule that is likely to significantly curtail the use of arbitration in consumer financial agreements. That rule has two major components. First, it prohibits institutions from...more

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