Arbitration Consumer Financial Protection Bureau

Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties... more +
Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties to arbitration agree in advance to be bound by the arbitrator's decision. Arbitration is an alternative to litigation, but it shares many of the familiar features of litigation. Namely, parties to arbitration hold hearings before neutral decision-makers, present evidence and argue the merits of their position. Parties often choose arbitration due to its perceived advantages over litigation. Those perceived advantages include greater efficiency and flexibility, and lower costs. less -
News & Analysis as of

Can the CFPB Really Prohibit Pre-Dispute Arbitration Agreements?

Section 1028 of the Dodd-Frank Act, entitled “Authority to Restrict Mandatory Pre-Dispute Arbitration,” gives the CFPB the authority to promulgate regulations imposing conditions, limitations, or outright prohibitions on...more

The Other Shoe Has Dropped: CFPB Releases Report on Arbitration

The Consumer Financial Protection Bureau (CFPB) recently released its long awaited Report to Congress on arbitration agreements in consumer financial contracts. The Report’s conclusion, and Director Richard Cordray’s remarks,...more

CFPB Study May Pave The Way For Class Actions Against Consumer Financial Products Companies

The Consumer Financial Protection Bureau (CFPB) recently released a study examining the prevalence, perception and effects of arbitration clauses in contracts for consumer financial products. Although the study purports to be...more

CFPB Releases Arbitration Study; Is Regulation Far Behind

Why it matters - The Consumer Financial Protection Bureau (CFPB) released its long-awaited study of arbitration clauses in consumer finance agreements, reporting that based on its research, such provisions have the...more

Could Guaranteeing a Minimum Recovery for Consumers Abate CFPB Concerns Regarding Class Waivers in Arbitration Agreements?

With the recent release of the Consumer Financial Protection Bureau’s “Arbitration Study: Report to Congress, pursuant to Dodd–Frank Wall Street Reform and Consumer Protection Act § 1028(a)”, it is widely anticipated that the...more

CFPB Casts Doubt on Pre-dispute Consumer Arbitration Clauses

Earlier this month, the Consumer Financial Protection Bureau (CFPB), a bureau of the Federal Trade Commission, released its Arbitration Study Report to Congress. The report suggests that pre-dispute arbitration clauses and...more

Sovern v. Kaplinsky

In its study of consumer arbitration dated March 10th, the CFPB concluded that relatively few consumer arbitrations have been filed. In a recent Consumer Law & Policy blog, Professor Jeff Sovern states that he is “skeptical”...more

CFPB Releases Study on Use of Arbitration Clauses in Consumer Contracts

Last week, the Consumer Financial Protection Bureau (CFPB) released its 728-page report on the use of arbitration clauses in consumer financial products and services contracts. The findings in the report come from a...more

CFPB Issues Arbitration Study – Possible Impact On Reinsurance Unclear

The Consumer Financial Protection Bureau has issued a study that is critical of arbitration in the context of consumer claims, contenting that arbitration “restricts” the rights and remedies of consumers by limiting or...more

CFPB Signals Potentially Expanding Class Actions

Future CFPB regulations limiting the use of arbitration clauses in consumer financial reports seem likely in light of last week’s press release discussing the CFPB’s 782-page study finding that “arbitration clauses restrict...more

CFPB Releases Final Study on Arbitration

On March 10, the CFPB announced the release of its final arbitration study, accompanied by a fact sheet, to coincide with its field hearing held in Newark, NJ. The study examined approximately 850 consumer financial...more

The CFPB’s Final Report on Pre-Dispute Arbitration Clauses

On March 10, 2015, the CFPB issued its long-awaited Arbitration Study analyzing the use of pre-dispute arbitration provisions in connection with consumer financial products or services. In the 728-page report, as well as...more

CFPB Holds Field Hearing On Arbitration Report

On March 10th, the CFPB held a public field hearing in Newark, New Jersey to address the release of its arbitration report to Congress. The event featured opening remarks from Director Richard Cordray, as well as commentary...more

CFPB 2015 Arbitration Study: coming curbs on consumer financial services contract arbitration provisions - 6 steps for businesses

The Consumer Financial Protection Bureau (the CFPB) 2015 Arbitration Study, released yesterday in conjunction with a speech by CFPB Director Richard Cordray, lays the groundwork for rule making to broadly restrict the use of...more

CFPB Releases Arbitration Study Report to Congress

On March 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited, statutorily-mandated report to Congress on the use of pre-dispute arbitration provisions in consumer financial products. As we predicted...more

The CFPB and the Future of Arbitration Clauses

The CFPB has issued a report regarding mandatory consumer arbitration clauses, a sign that arbitration clauses may become passé. On March 10, the Consumer Financial Protection Bureau (CFPB), as required by section...more

CFPB Says Arbitration Agreements Limit Consumer Relief in Class Actions; New Regulations on the Horizon?

The Supreme Court’s 2011 decision in AT&T Mobility LLC v. Concepcion upheld an arbitration clause requiring arbitration of claims individually, thereby effectively preventing class actions. While the consumer finance industry...more

Beyond the Headlines Part II: What The New CFPB Report Teaches Us About Arbitration v. Litigation

In my last post, I shared some of the highlights from the first half of the new CFPB Arbitration Study.  This post covers the second half of the report, with juicy information gleaned from CFPB’s analysis of almost...more

CFPB Updates - March 2015

CFPB Report Claims Arbitration “Less Beneficial To Consumers” than Individual or Class Litigation, Foreshadows Attempt to Impose Restrictions in Future - On March 10, Director Richard Cordray of the Consumer Financial...more

Financial Services Weekly News Roundup - March 2015 #2

SEC Spotlight on Broker-Dealer Supervision of Outside Business Activities of Registered Representatives. In this issue we report on the SEC’s settled administrative proceedings against H.D. Vest Investment Securities,...more

Beyond the Headlines Part I: What The New CFPB Report Teaches Us About Arbitration Clauses

The Consumer Financial Protection Bureau released an “Arbitration Study” exceeding 700 pages to Congress this week.  You have likely heard the headlines – most commentators assume that the CFPB will use the study to support...more

CFPB Releases Final Arbitration Study Results

The Consumer Financial Protection Bureau has released final results of its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. Section 1028 provides that the CFPB, “by regulation, may prohibit or...more

Hearing, Report May Forecast CFPB Rulemaking on Arbitration Provisions

Section 1028 of the Dodd-Frank Wall Street Reform and Consumer Protection Act authorizes the Consumer Financial Protection Bureau (CFPB) to limit or even prohibit the use of arbitration provisions that govern future disputes...more

CFPB Announces Field Hearing on Arbitration

On February 23, 2015, the Consumer Financial Protection Bureau (CFPB) announced that it will hold a field hearing in Newark, New Jersey, on March 10, 2015, to discuss the topic of arbitration. We anticipate that the CFPB will...more

Sixteen Attorneys General from Coast to Coast Seek CFPB Regulation on Arbitration Clauses

Attorneys General (AG) from 16 states – Delaware, Kentucky, Massachusetts, California, Connecticut, Hawaii, Illinois, Iowa, Maine, Maryland, New Mexico, New York, Oregon, Rhode Island, Vermont and Washington – have joined...more

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