News & Analysis as of

Arbitration Agreements Class Action Arbitration Waivers

New York Appellate Court Strikes Down Class Action Waivers

by Seyfarth Shaw LLP on

As our loyal readers are well aware, the U.S. Supreme Court is scheduled to hear oral argument in its Fall 2017 term regarding the enforceability of arbitration agreements with class and collective action waivers. This has...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

What to Do Now About the New CFPB Rule on Arbitration?

by Balch & Bingham LLP on

What to do now about the new CFPB rule on arbitration? (1) begin planning now and (2) begin actual preparation after the 60 days runs. Congress has 60 days after publication of the new CFPB rule to take action to stop the...more

CFPB Rules Permitting Consumer Class Actions Against Financial Institutions Set to Take Effect Absent Action by Congress

by Bracewell LLP on

In 2016, the Consumer Financial Protection Bureau (CFPB) announced that it was seeking public comment on proposed rules that would limit the effect of mandatory arbitration clauses for consumer finance transactions and allow...more

NY Court Rules That Class Action Waivers Are Unenforceable

by Reed Smith on

While pundits and practitioners eagerly await the U.S. Supreme Court’s looming decision on whether class action waivers in employment-related agreements violate the National Labor Relations Act (NLRA) – which will not be...more

CFPB announces final Arbitration Agreements Rule: what it prohibits, what it requires, and what's next

by DLA Piper on

The Consumer Financial Protection Bureau has published its final Arbitration Agreements Rule (10 CFR § 1040, et seq.), prohibiting mandatory arbitration provisions and class action waivers in consumer financial services...more

Top Five Labor Law Developments For June 2017

by Jackson Lewis P.C. on

1.In an amicus brief filed with the U.S. Supreme Court, the U.S. Department of Justice reversed itself and argued for the legality of mandatory arbitration agreement provisions waiving employees’ rights to bring class actions...more

CFPB Issues Final Rule Prohibiting Mandatory Pre-Dispute Arbitration Agreements for Covered Consumer Financial Products and...

by Kelley Drye & Warren LLP on

The Federal Register published today the Consumer Financial Protection Bureau's (CFPB) final rule that was announced last week and would prohibit providers of covered consumer financial products and services from using...more

Revisiting the Enforceability of Class Action Waivers in Consumer Financial Contracts

by BakerHostetler on

On July 19, 2017, the Consumer Financial Protection Bureau (CFPB) published the final Arbitration Agreements Rule (the rule) that would impact the way claims involving consumer financial products and services are handled in...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

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

DOJ About-Face: Supporting Class Action Waivers, Parting Ways with the NLRB

by Akerman LLP - HR Defense on

The Department of Justice (DOJ) has just switched sides in a trio of high profile arbitration cases now pending before the Supreme Court, joining with the employers to argue that the National Labor Relations Board’s (NLRB’s)...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

Are Existing Agreements Governed by the New CFPB Arbitration Rule?

by Balch & Bingham LLP on

The Dodd Frank Act expressly provided that any CFPB rule on arbitration would not apply to existing contracts. 12 U.S.C. § 5518(d). Therefore, the CFPB rule released last week will only bar class action waivers for...more

A New Wave of Class Actions Against Banks and Credit Card Companies? The CFPB’s New Rule and Its Likelihood for Survival

The CFPB was created by Dodd-Frank legislation in 2010, and, among other things, was tasked with studying and issuing a report on arbitration agreements in the financial products sector (e.g., bank accounts, credit card...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

The CFPB Issues Its Final Arbitration Rule

by MoFo Reenforcement on

Ending months of speculation and insider reading of tea leaves, on July 10, 2017, the Consumer Financial Protection Bureau (CFPB or Bureau) published a final rule regarding the use of arbitration agreements in specified...more

The CFPB's Final Arbitration Rule: Second Verse, Same as the First

by Clark Hill PLC on

The Consumer Financial Protection Bureau's ["CFPB" or "Bureau"] July 10, 2017 final rule on the use of arbitration clauses in consumer financial products and services demonstrated the Bureau's determination to carry through...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

What Real Estate Settlement Service and Other Consumer Financial Services Providers Need to Know About the CFPB’s Final...

by Foley & Lardner LLP on

On July 10, 2017, in a surprise move, the Consumer Financial Protection Bureau (CFPB or Bureau) issued its long awaited final rule on arbitration (Final Arbitration Rule). This rule-making has been a lightning rod issue for...more

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Cybersecurity

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