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From the Top In Brief - July/August 2017

by Jones Day on

In Midland Funding, LLC v. Johnson, No. 16-348, 2017 BL 161314 (U.S. May 15, 2017), the U.S. Supreme Court ruled that a credit collection agency does not violate the Fair Debt Collection Practices Act ("FDCPA") when it files...more

Eleventh Circuit Doesn’t Waffle on Enforceability of Arbitration Agreement

by Carlton Fields on

The Eleventh Circuit Court of Appeal found that an arbitration agreement entered into by a putative class representative and his eventual employer was enforceable even though the agreement was signed after the plaintiff filed...more

California Department of Business Oversight wins award for process improvements

by Ballard Spahr LLP on

On July 28, 2017, California Governor Jerry Brown’s Office of Business and Economic Development recognized the California Department of Business Oversight for a successful Lean Six Sigma project that dramatically reduced the...more

CFPB Arbitration Rule Hits a Roadblock

The Consumer Financial Protection Bureau (CFPB) issued a final rule on pre-dispute arbitration agreements on July 10, 2017. The final rule was published in the Federal Register on July 19, 2017, and as such, it is due to...more

CFPB Final Arbitration Rule Bans Class Action Waivers, But Will it Survive?

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule prohibiting the use of class action waivers in certain consumer finance arbitration agreements. The rule has been several years...more

CFPB Final Rule Banning Class Action Waivers in Arbitration Agreements: The Final Front of Opposition as Congress Moves to Nullify...

by Moore & Van Allen PLLC on

The Consumer Financial Protection Bureau (CFPB) recently announced the release of its final rule that prohibits the use of class action waivers in certain consumer finance arbitration agreements. This rule banning class...more

Six Arbitration Trends In 2017 (6th Blogiversary Post)

This is my 290th post at ArbitrationNation and today I celebrate six years of blogging. Woo hoo — that’s longer than most celebrity marriages! In honor of the occasion, here are updates on six of the hottest issues in...more

Financial Services Weekly News - August 2017 #2

by Goodwin on

Editor's Note - In This Issue. The Consumer Financial Protection Bureau (CFPB) released prototypes of “Know Before You Owe” overdraft disclosure forms and provided an updated rulemaking agenda for 2017; the Federal Reserve...more

Has the Era of the Consumer Class Action Waiver Passed?

Financial Institutions may need to revise consumer contracts to remove class action waivers in preparation for a March 2018 federal rule. On July 19, the U.S. Consumer Financial Protection Bureau, the federal regulator for...more

Real Property & Title Insurance Update: Week Ending July 28 & August 4, 2017

by Carlton Fields on

REAL PROPERTY UPDATE - Foreclosure/Redemption: foreclosure sale conducted without knowledge of bankruptcy affirmed, but trial court orders denying mortgagor opportunity to redeem property before certificate of sale...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Wells Fargo has reportedly uncovered another trove of unauthorized accounts, according to a regulatory filing on Friday. The bank also disclosed a CFPB investigation over potential harm to customers over its practice of...more

The State AG Report Weekly Update

by Cozen O'Connor on

Republican Jay McMahon Announces Bid for Massachusetts Attorney General- Republican Jay McMahon, an attorney in private practice, announced his candidacy to become Massachusetts AG. McMahon is the first candidate to...more

On the Chopping Block: The Effort to Repeal the CFPB’s New Rule on Consumer Class Actions

On July 19, 2017, the Consumer Financial Protection Bureau (“CFPB”) published a new rule that has the potential to significantly increase the number of class action lawsuits brought by consumers against their financial...more

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

by Ballard Spahr LLP on

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

The Future of Class Action Waivers in Financial Services Arbitration Clauses Remains Unclear

In a Legal Alert posted earlier this month, Kilpatrick Townsend’s Financial Institutions Team highlighted the key provisions of the Consumer Financial Protection Bureau’s Arbitration Agreements Final Rule, 82 Fed. Reg. 33210...more

The State AG Report Weekly Update

by Cozen O'Connor on

2018 AG Elections- Republican Sam McClure Announces Bid for Alabama Attorney General - Sam McClure, a Birmingham adoption lawyer, announced his candidacy to become the Alabama AG. McClure is the fourth Republican to...more

Entering the HMDA Homestretch: CFPB Proposes Temporary Increase in HELOC Reporting Threshold, Releases New and Updated Filing...

by Morrison & Foerster LLP on

As we have previously reported, in October 2015, the Consumer Financial Protection Bureau (CFPB) issued a sweeping final rule (“2015 Final Rule”) to amend Regulation C, which implements the Home Mortgage Disclosure Act...more

House Financial Services Committee Democratic staff report on CFPB assails Republicans, defends CFPB and arbitration rule

by Ballard Spahr LLP on

A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to...more

Financial Services Weekly News - July 2017 #3

by Goodwin on

Editor's Note - Going Strong to the Mic. The Office of the Comptroller of the Currency’s (OCC) proposed special purpose nondepository national bank charter for FinTech companies (FinTech Charter) has long been the source...more

CFPB Issues Final Rule Banning Class Action Waivers in Arbitration Clauses

by Stinson Leonard Street on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released its long-awaited and controversial final rule on arbitration agreements in contracts for financial products and services. The rule, which takes effect...more

Trade associations urge Congress to disapprove CFPB arbitration rule

by Ballard Spahr LLP on

A group of 11 trade associations have sent a letter to members of Congress expressing their “strong disapproval” of the CFPB’s final arbitration rule and urging Congress to pass the resolutions introduced in the House and...more

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

by Ballard Spahr LLP on

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

by Ballard Spahr LLP on

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

CFPB Issues Final Arbitration Rule: Who Is Covered and How Does It Affect Your Business

The CFPB, after entertaining numerous comments, issued its final arbitration rule on Monday, July 10. The rule prohibits specified providers of certain consumer financial products and services (loans, credit cards, and other...more

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

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