News & Analysis as of

Arbitration Payday Loans

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 -
Morrison & Foerster LLP

Financial Services Report - Spring 2021

Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Alston & Bird

Class Action & MDL Roundup – Fall 2020

Alston & Bird on

Welcome to the fall edition of the Class Action & MDL Roundup, covering significant decisions and settlements from the third quarter of 2020. In this edition, cosmetics get reused, garbage stinks to high heaven (at least...more

Carlton Fields

Third Circuit Concludes Arbitration Agreement Is Unenforceable Under the Prospective Waiver Doctrine

Carlton Fields on

The Third Circuit Court of Appeals has refused to enforce an arbitration agreement because it impermissibly limited claims to those available under tribal law at the expense of federal statutory claims. The court also...more

MoFo Reenforcement

Financial Services Report – Spring 2019

MoFo Reenforcement on

EDITOR’S NOTE - In the words of Willie Wonka: “Wait a minute — strike that, reverse it!” As loyal readers will recall, in our last issue, we tried to stay current in referring to the CFPB by what Mick Mulvaney declared...more

MoFo Reenforcement

Financial Services Report – Winter 2017

MoFo Reenforcement on

EDITOR’S NOTE - The holidays came early for the financial services industry. First, the Senate voted to repeal the CFPB’s rule banning class waivers in arbitration agreements in consumer financial contracts. Then,...more

Nutter McClennen & Fish LLP

Nutter Bank Report, October 2017

With Vice President Mike Pence casting the tie-breaking vote, the U.S. Senate has voted to repeal the CFPB’s arbitration rule, which would have prohibited banks and other covered consumer financial service providers from...more

Goodwin

Financial Services Weekly News - October 2017 #2

Goodwin on

Editor's Note - CFPB Outlines Principles for Consumer-Authorized Financial Data Sharing and Aggregation. How companies share consumer data, and how much they tell consumers about their information sharing practices, has...more

Burr & Forman

Fall 2017 Consumer Financial Protection Bureau Update

Burr & Forman on

The Consumer Financial Protection Bureau (“CFPB” or “Bureau”) is a U.S. government agency created by the Dodd-Frank Wall Street Reform and Consumer Protection Act. The CFPB is the first federal agency tasked solely with the...more

Goodwin

CPFB Updates its Spring 2017 Rulemaking Agenda

Goodwin on

On July 20, 2017, the CFPB announced that updates to its Spring 2017 rulemaking agenda have been posted online on the Office of Management and Budget’s webpage. The amended agenda highlights both areas of anticipated...more

Ballard Spahr LLP

What the D.C. Circuit decision vacating stay of EPA rule could mean for final CFPB arbitration and payday loan rules

Ballard Spahr LLP on

I recently blogged about the rumor I heard from a reliable source that the CFPB will issue a final arbitration rule by the end of July. That rumor appears to be gaining traction, with a major industry trade group telling its...more

Carlton Fields

Fifth Circuit Finds Payday Lender’s Submission Of False Worthless Check Affidavits Equates To Waiver Of Arbitration

Carlton Fields on

Plaintiffs-Appellees brought suit against short-term lender PLS Financial Services, Inc., and PLS Loan Store of Texas, Inc. (collectively “PLS”), alleging the following scheme. First, as part of the application process, PLS...more

Carlton Fields

Fourth Circuit Affirms Finding That Arbitration Agreement In Payday Loan Obtained Over The Internet Is Unenforceable

Carlton Fields on

Plaintiff electronically signed a contract which contained: (1) terms governing the loan; (2) an agreement to submit disputes to arbitration; and (3) a choice of law provision which required the application of Otoe-Missouria...more

Goodwin

Financial Services Weekly News - May 2017 #3

Goodwin on

Editor's Note - The Dual Banking System is Working. In the April 26 edition of the Roundup, we noted that the Conference of State Bank Supervisors (CSBS) had sued the Office of the Comptroller of the Currency (OCC),...more

Ballard Spahr LLP

NAFCU urges regulatory relief for credit unions in letter to Secretary of the Treasury Mnuchin

Ballard Spahr LLP on

On February 28, 2017, B. Dan Berger, President and Chief Executive Officer of the National Association of Federally-Insured Credit Unions (the “NAFCU“), urged regulatory relief for credit unions in a letter submitted to the...more

Ballard Spahr LLP

CFPB Fall 2016 rulemaking agenda published

Ballard Spahr LLP on

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions. The preamble indicates that the information in the agenda is current as of...more

Ballard Spahr LLP

Will the CFPB issue a final arbitration rule before Jan. 20?

Ballard Spahr LLP on

Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20.  The comment period on the proposed rule closed on August...more

Ballard Spahr LLP

Election results portend significant changes for CFPB

Ballard Spahr LLP on

As a result of Donald J. Trump’s election as President, coupled with the Democrats’ failure to wrest control of the House or Senate from the Republicans, the CFPB can be expected to undergo significant changes that are likely...more

Carlton Fields

Second Circuit Upholds Refusal To Compel Arbitration Due To Unavailable Forum, Recognizing Split In Federal Circuits

Carlton Fields on

A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more

Carlton Fields

Eleventh Circuit Doubles Down On The Importance Of Selecting An Available Arbitration Forum

Carlton Fields on

The Eleventh Circuit affirmed a district court’s denial of a motion to compel arbitration on the grounds that the designated forum in the arbitration agreement was both unavailable and integral to the agreement. Appellee...more

Balch & Bingham LLP

Eleventh Circuit Holds Arbitration Clause Unenforceable Due to Unavailability of Arbitral Forum

Balch & Bingham LLP on

The Eleventh Circuit recently held in Parm v. National Bank of California, that a payday lender’s arbitration clause was unenforceable because the forum selected was unavailable and no alternative forum was provided for.The...more

Ballard Spahr LLP

House Committee approves Dodd-Frank replacement bill

Ballard Spahr LLP on

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the...more

Ballard Spahr LLP

GAO issues report on CFPB SBREFA panels

Ballard Spahr LLP on

The Government Accountability Office has issued a report on the CFPB’s use of Small Business Regulatory Enforcement Fairness Act (SBREFA) panels in its rulemaking process. The report, “Observations from Small Business Review...more

Carlton Fields

Prevailing in an Era of Regulatory Enforcement – Balancing Risk and Compliance [Expect Focus – Vol. II, July 2016]

Carlton Fields on

IN THE SPOTLIGHT - - SEC Sanctions Unregistered EB-5 Investments Broker SECURITIES - - FINRA to Assess Member Firms’ Culture - SEC Seeks Fund Responses to Distribution-In-Guise Guidance ...more

Morrison & Foerster LLP

CFPB Publishes Spring 2016 Regulatory Agenda

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major...more

Morrison & Foerster LLP

Financial Services Report, Summer 2016

BELTWAY - Every Last Penny Counts - Five federal banking agencies issued a Supervisory Bulletin titled “Interagency Guidance Regarding Deposit Reconciliation Practices” (the “Guidance”). The Guidance outlines...more

49 Results
 / 
View per page
Page: of 2

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide