Consumer Protection Alternative Dispute Resolution (ADR)

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What You Need to Know about CFPB’s Proposal to Ban Mandatory Arbitration Clauses in Financial Contracts

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB”) published in the Federal Register its 376-page proposed rule to limit the use of mandatory arbitration clauses in certain financial contracts. The proposal...more

Another Road Bump for Consumer Arbitration Clauses in New Jersey

On June 14, 2016, the New Jersey Supreme Court issued yet another consumer friendly decision that further impedes the ability to enforce an arbitration agreement under New Jersey law. In a 5-1 decision, the Court in Dever v....more

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

Class Action Waivers in Consumer Finance Arbitration Agreements to be Banned: CFPB Proposed Rule Open for Comment Until August 22,...

On May 24, 2016, the Consumer Financial Protection Bureau’s (CFPB) long-anticipated Proposed Rule prohibiting the use of class action waivers in consumer finance arbitration agreements was published in the Federal Register...more

Online Traders: New Obligation in EU for Provision of Link to Online Dispute Resolution (ODR) Platform

On January 19, 2016 the Regulation (EU) No 524/2013 on online dispute resolution for consumer disputes entered into force (henceforth "Regulation"). The aim of the Regulation is to provide a European online dispute resolution...more

Congressman Hensarling’s Dodd-Frank replacement bill to include CFPB reforms

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee Chairman, released a summary of a bill to replace the Dodd-Frank Act.  The bill is entitled “The Financial CHOICE Act,” with “CHOICE”...more

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

Consumer Finance Rule Will Ban Use of Pre-Dispute Arbitration Agreements

If you've ever read the fine print in your credit card agreement, there is a good chance it states you agree to arbitrate any claims and waive the right to bring a class action against the bank that issued it. Such class...more

New CFPB Rules Threaten More Consumer Class Actions Against Financial Institutions

Recently, the Consumer Financial Protection Bureau (CFPB) announced that it is seeking public comment on proposed rules that would significantly change two aspects of consumer finance dispute resolution. ...more

CFPB Releases 2016 Rulemaking Agenda

On May 18, 2016, the Consumer Financial Protection Bureau (CFPB) announced its Spring 2016 Rulemaking Agenda, setting forth its current initiatives. In its latest installment of the semi-annual update, the Bureau highlighted...more

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended...more

You Should Know - May 2016

In This Issue: - Forced Injustice - Stacking the Deck - Sign the Petition - Excerpt from Businesses Use Loophole to Deny Day in Court: Injustice, Thy Name Is Forced Arbitration: Tia’s employment case...more

Comment period on CFPB proposed arbitration rule ends August 22

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016....more

CFPB releases Spring 2016 rulemaking agenda

The CFPB has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not reflect the CFPB’s release of its proposed...more

High Praise for WSJ Editorial, with a Small Caveat

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes...more

Orrick's Financial Industry Week in Review

CFPB Proposes Prohibition on Mandatory Consumer Arbitration Clauses - On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) issued and sought comment on proposed rules prohibiting mandatory arbitration clauses...more

Arbitration Provisions Mauled by Consumer Watchdog

Companies offering payment services or financial products to consumers are facing a proposed rule from the CFPB that would prohibit class action waivers in binding pre-dispute arbitration agreements. Although the information...more

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

CFPB’s Proposed Rule Would Put the Brakes on Pre-Dispute Arbitration Clauses in Consumer Financial Contracts

Congress enacted the Federal Arbitration Act in the 1920s to deter hostility toward arbitration. Despite numerous Supreme Court rulings over the decades upholding that goal, arbitration continues to face hostility. The...more

CFPB Proposes Ban on Class-Action Limitations in Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (the “CFPB” or the “Bureau”) issued a long anticipated Notice of Proposed Rulemaking for arbitration agreements (the “Proposal”) that, if finalized as proposed, is...more

CFPB Proposes Ban to Mandatory Arbitration Provisions

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Notice of Proposed Rulemaking (NPRM) soliciting comments on a proposed rule to prohibit covered institutions from including, in most...more

Our thoughts on “Ask CFPB”

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful...more

House to hold May 18 hearing on CFPB’s proposed arbitration rule

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

Rule Proposed by Consumer Financial Protection Bureau Regarding Arbitration Clauses

The Consumer Financial Protection Bureau (the “CFPB”), a consumer watchdog agency, unveiled a proposed rule that would restrict the use of arbitration clauses in contracts with respect to consumer financial products and...more

CFPB Proposes Controversial Rule to Limit Use of Arbitration Agreements

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

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