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

CFPB Announces May 5 Field Hearing on Arbitration

The CFPB announced that it is holding a field hearing on May 5, 2016, in Albuquerque, New Mexico, on arbitration. Previously, CFPB field hearings have resulted in the announcement of proposed rules. We anticipate that this...more

CFPB to hold May 5 field hearing on arbitration

The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016.  We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of...more

Arbitration Under Fire: Brace Your Company for Less Contract Freedom and More Class Actions

Since the Federal Arbitration Act (FAA) of 1925, the United States has had a policy preference for arbitration, even when an arbitration provision includes language barring class action litigation. We saw this most recently...more

CFPB Announces Two-Year Policy Priorities

At the end of February 2016, the Consumer Financial Protection Bureau (CFPB) announced nine priority goals for the next two years. According to its press release, the CFPB set these priorities by balancing the amount of...more

CFPB Director Forecasts Rulemaking on Consumer Arbitration Clauses in American Constitution Society Speech

In the latest public pronouncement on the Consumer Financial Protection Bureau’s (CFPB’s) intention to engage in rulemaking to ban the use of certain arbitration clauses in consumer contracts – in particular, those that would...more

Financial Services Report, Spring 2016

Why another law firm newsletter? Over ten years ago, Will Stern answered that question in the first Editor’s Note of the first Financial Services Report. Some things have changed since then—we no longer print and mail paper...more

CFPB Releases Fact Sheet: Policy Priorities over the Next Two Years

On February 25, the CFPB released a fact sheet outlining its policy priorities over the next two years. The document lists the following nine near-term priority goals: (i) arbitration; (ii) consumer reporting; (iii) debt...more

Director Cordray signals no change in direction regarding arbitration

At a presentation on February 18, 2016 to the American Constitution Society, CFPB Director Richard Cordray devoted most of his remarks to the subject of consumer arbitration. Director Cordray revealed that the effect on...more

CFPB Director Cordray Blasts Arbitration Clauses During Recent American Constitution Society Speech

On February 18, 2016, Director Richard Cordray of the Consumer Financial Protection Bureau (CFPB) gave a speech at the American Constitution Society, in which he repeatedly attacked arbitration provisions found in consumer...more

"CFPB Pursues Aggressive Enforcement Agenda and Arbitration Restrictions"

In 2015, the Consumer Financial Protection Bureau (CFPB) continued to aggressively enforce federal consumer protection laws across a broad spectrum of consumer financial products and services. Additionally, the CFPB took a...more

2015: Arbitration Inches Toward Center Stage

Arbitration case law did not break any new ground in 2015. Instead, a larger sector of the public became aware of the ground already broken in 2011 and 2013, as well as how common arbitration is in professional...more

Financial Services Report, Winter 2015

BELTWAY - Finally Faster than Amazon Prime - The Federal Reserve Board recently announced that banks and other financial institutions that use its payments system will have to be able to process same-day...more

House of Representatives Issues Report Blasting CFPB on the Heels of House Vote to Repeal CFPB’s Auto Lending Guidance

On November 24, 2015, Republican members of the House of Representatives’ Financial Services Committee issued a report titled Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending, which blasts the Consumer...more

CFPB Publishes Semi-Annual Rulemaking Agenda

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly...more

Alan Kaplinsky and Professor Sovern: the arbitration debate continues

In a new American Banker article, Alan Kaplinsky, Practice Leader of Ballard Spahr’s Consumer Financial Services Group, responded to an article by Professor Jeff Sovern that called into question Alan’s prediction that the...more

CFPB Fall 2015 rulemaking agenda includes delays for payday loan and other rules

The CFPB released its Fall 2015 rulemaking agenda last Friday. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Fall 2015 agenda gives a December 2015 date for further prerule...more

NY Times publishes another article on arbitration

This past Sunday, the NY Times published an article carrying the headline, “Efforts to Rein in Arbitration Come Under Well-Financed Attack.” The “well-financed attack” to which the headlined refers appears to be an...more

Arbitration Update

Following up on the Consumer Financial Protection Bureau (CFPB) announcement of controversial rulemaking on arbitration provisions, CFPB Director Richard Cordray offered further insight into the CFPB's intentions in remarks...more

More criticism for NY Times arbitration stance in Forbes article

Daniel Fisher of Forbes has written another article criticizing the NY Times for its stance on arbitration. Last week, Mr. Fisher criticized the first article in the Times’ three-part series on arbitration for disregarding...more

U.S. Chamber of Commerce criticizes NY Times arbitration articles

The U.S. Chamber of Commerce has issued strong criticism of the first two articles on arbitration published in the New York Times this past Sunday and earlier this week. (The articles were part of a series of three reports.)...more

New York Times article omits critical pro-arbitration facts

An article on consumer arbitration in this week’s Sunday New York Times concludes that “[b]y inserting individual arbitration clauses into a soaring number of consumer and employment contracts, companies… devised a way to...more

Dodd-Frank News: November 2015: Dodd-Frank Wall Street Reform and Consumer Protection Act Update

The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more

CFPB issues third Financial Literacy Annual Report

The CFPB has issued its third Financial Literacy Annual Report to Congress. The report covers the CFPB’s activities to improve consumer financial literacy during the period from June 2014 through September 2015. The report’s...more

Class-Action Waivers on the CFPB Chopping Block

Earlier this month, the CFPB announced that it may propose rules designed to curtail or eliminate class-action waivers from arbitration clauses. Arbitration clauses appear in most financial-services contracts to provide both...more

“Older Workers” Do Not Have To Arbitrate Statutory Employment Claim

Arbitration is having its 15 minutes of fame. Thanks to a series in the New York Times, my inbox is full of links to the articles, questions about the information, and fascinating commentary. [Next time I am in Oakland, I...more

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