Finance & Banking Alternative Dispute Resolution (ADR) Consumer Protection

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Dodd-Frank News - March 2014: Dodd-Frank Wall Street Reform And Consumer Protection Act Update

In This Issue: - Recent Cases January Through March 2014 ..Dodd-Frank Amendments to RESPA ..Dodd-Frank Prohibition on Arbitration Clauses ..Whistleblower Protection Under Dodd-Frank - News &...more

Can You Keep Up? Emergence of CFPB and Significant Developments Transform Consumer Finance Landscape

In the wake of the 2008 financial crisis, Congress passed significant financial system reform legislation, the Dodd-Frank Act, which created a new regulator of financial institutions, the Consumer Financial Protection Bureau...more

CFPB's Arbitration Study—A Warning to Consumer Financial Service Companies

On December 12, 2013, the Consumer Financial Protection Bureau published its “Arbitration Study Preliminary Results,” mandated by Section 1028(a) of the Dodd-Frank Act (the “Study”). Unfortunately (and despite its statements...more

CFPB Report Targets Arbitration Clauses

The Consumer Financial Protection Bureau (the “CFPB”) is a new federal agency responsible for regulating consumer financial products and services. On December 12, 2013, the CFPB released a report on the use of arbitration...more

CFPB’s Preliminary Report: Financial Consumers Can Only Avoid Arbitration By Using A Credit Union

Say it’s twenty degrees below zero outside, and you’d already seen boiling water turn into “snow” immediately upon making contact with the air, what would you do next? Assuming you were all caught up on your Words With...more

Back to the Future: The CFPB’s Arbitration Report Could Signal a Return to the Days Before Concepcion

The “preliminary” report on consumer arbitration issued late last year by the Consumer Financial Protection Bureau appears to be another marker along the road leading to the end of alternative dispute resolution as a primary...more

CFPB Releases Study on Arbitration Clause

Following its field hearing on arbitration, the CFPB released its preliminary research on the use of arbitration clauses in connection with consumer financial products and services. Section 1028 of the Dodd-Frank Act required...more

CFPB Builds its Case Against Arbitration Clauses

INTRODUCTION - The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) mandated a Consumer Financial Protection Bureau (CFPB) study on the use of pre-dispute arbitration clauses in consumer...more

“Preliminary Results” Of The Consumer Financial Protection Bureau’s Ongoing Study Of Arbitration Reveal Much More Work To Do -...

Before the Consumer Financial Protection Bureau may regulate or prohibit the use of arbitration agreements by the businesses it oversees, the Bureau must first conduct a study of arbitration agreements entered into “in...more

CFPB Has Much More Work To Do On Arbitration Study

The day after we released our study of class action litigation, the Consumer Financial Protection Bureau issued some preliminary results in connection with its study of arbitration under the Dodd-Frank Act. (That statute...more

CFPB Releases Preliminary Results Of Ongoing Arbitration Study

On December 12, the CFPB published the preliminary results of its ongoing study of arbitration agreements in consumer finance contracts. Section 1028(a) of the Dodd-Frank Act directs the CFPB to study the use of pre-dispute...more

CFPB Releases Preliminary Report on Arbitration Agreements But Defers Final Analysis and Recommendations

On December 12, 2013, the Consumer Financial Protection Bureau (CFPB) released its preliminary report on the use of arbitration clauses in consumer financial products and services. The preliminary report focuses on...more

Preliminary arbitration study results: is the Bureau keeping an open mind?

Following up on our earlier post, we have now had a chance to review the CFPB’s 168-page report containing some preliminary results of its consumer arbitration study. While we are encouraged that the Bureau recognizes the...more

CFPB to Hold Field Hearing on Arbitration

The CFPB will hold a field hearing on arbitration in Dallas, Texas on December 12, 2013. Section 1028(a) of the Dodd-Frank Act required the CFPB to conduct a study of arbitration agreements and clauses and provide a report to...more

CFPB Announces Arbitration Field Hearing

On December 2, the CFPB announced a field hearing on arbitration to be held in Dallas, Texas on Thursday, December 12. The event, which is open to members of the public who RSVP, will feature remarks from CFPB Director...more

All Consuming - Legal Updates for Consumer Finance Professionals (December 2013)

Welcome to the first issue of All Consuming. The Consumer Finance Practice Group will periodically distribute an issue of All Consuming to advise its clients and colleagues of litigation and regulatory developments affecting...more

In Case You Missed It - Three Cases Impact W.Va. Consumer Finance Law

Confirmation of the W.Va. Attorney General's Authority to Hire Private Counsel on Behalf of the State - For more than a decade, the circuit courts in West Virginia have wrestled with the issue of whether the State...more

Five Legal Topics for Washington Bankers to Consider This Fall

Summer vacations are over, and now bank management and directors need to focus on compliance. Below are five current legal topics that Washington bankers should be considering this fall. 1. Loans Secured by Residential...more

CFPB files amicus brief in FCRA case

The CFPB recently filed its first amicus brief in a Fair Credit Reporting Act (FCRA) case. This brief, like the amicus brief the CFPB filed in August 2013 in the Seventh Circuit in a Fair Debt Collection Practices Act case,...more

FTC files amicus challenging arbitration provision

As industry and consumers await the results of the CFPB’s arbitration study, the FTC became the latest federal agency to weigh in on consumer arbitration issues. Recently, at the invitation of the Seventh Circuit, the FTC...more

Next CFPB Field Hearing To Focus On Credit Cards

On September 16, the CFPB announced a field hearing on credit cards to be held on October 2, in Chicago, IL. The event, which is open to members of the public who RSVP, will feature remarks from CFPB Director Richard...more

Prominent industry trade groups nix CFPB’s proposed telephone survey of consumers

As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of...more

Banking Industry Trade Groups Oppose CFPB Credit Card Arbitration Survey

On August 6, three banking industry trade groups submitted a joint comment letter pursuant to a proposal by the CFPB to conduct a survey of credit card holders in connection with its ongoing study of arbitration agreements. ...more

U.S. Supreme Court Ruling in American Express Case Upholds Class Action Arbitration Waivers

On June 20, 2013, the U.S. Supreme Court ruled, by a 5-to-3 margin, that a group of merchants was bound by an arbitration agreement that prohibits them from bringing class action claims against American Express, even if the...more

Supreme Court arbitration decision raises stakes for CFPB arbitration study

Last week, in its decision in American Express Co. v. Italian Colors Restaurants, the U.S. Supreme Court delivered a knock-out punch to the last major court challenge to the use of class action waivers in consumer arbitration...more

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