News & Analysis as of

Class Action Arbitration Waivers Arbitration

Unless the U.S. Supreme Court Rules Otherwise, Waivers of Collective Actions Are Not Enforceable in New York

On July 18, 2017, the First Department partially reversed the Commercial Division’s decision in Gold v. New York Life Insurance Company, No. 653923/12, 2017 BL 247192 (App. Div. 1st Dep’t July 18, 2017), a case that presented...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

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A government audit report out yesterday accuses the US Dep’t of Housing and Urban Development of selling more than 100k distressed mortgages over a 7 year period to PE firms and hedge funds without following the proper rules...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

New York Appeals Court Holds Class Action Waivers Violate the NLRA While Employers Await Definitive Ruling From Supreme Court

The Supreme Court is set to hear oral argument in October on whether class and collective action waivers are enforceable. While employers await the Supreme Court’s decision, other courts continue to weigh in on the matter....more

New York State Appellate Court Finds Arbitration Agreement Requiring Employees to Bring Claims Individually Violates The National...

by Littler on

On July 18, 2017, in Gold v. New York Life Ins. Co., New York’s Appellate Division, First Department issued a decision that directly contradicted the decision of the U.S. Court of Appeals for the Second Circuit in Sutherland...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

Appellate Court Nixes Employee Arbitration Agreements

by FordHarrison on

By Decision dated July 19, 2017 (the “Decision”), the Appellate Division, First Department (the “First Department”) (which has jurisdiction over Manhattan and Bronx) held that arbitration agreements obligating employees to...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

Arbitrator Must Rule on Independent Contractor Status of Uber Drivers in Class-Action Notwithstanding NLRA Bar to Class Action...

by Franczek Radelet P.C. on

Last week, a U.S. District Court Judge in Illinois ruled that an arbitration agreement signed by an Uber driver required arbitration on the issue of whether Uber drivers are employees or independent contractors before the...more

New CFPB Arbitration Rule Already Under Attack

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a new rule that would make it easier for consumers to bring class action lawsuits against financial institutions. The new rule bans financial...more

New York Appeals Court Rejects Enforceability Of Class Action Waivers – But Is This Ruling Short-Lived?

by Jackson Lewis P.C. on

In an issue of first impression in the state of New York, last week the New York Supreme Court, Appellate Division (the state’s intermediate appellate court) weighed in on the enforceability of arbitration provisions that...more

SCOTUS Puts the Class Action Waiver Issue at the Top of Its Agenda

by Seyfarth Shaw LLP on

Perhaps signaling the importance of the issue for American businesses and jurisprudence, the U.S. Supreme Court? chose the first day of its term beginning in October as the date to set oral arguments in three petitions for...more

Republicans File Congressional Review Act Challenge to CFPB’s Arbitration Rule

by Goodwin on

As LenderLaw Watch previously reported, on July 10, 2017 the Consumer Financial Protection Bureau (CFPB) released its Arbitration Rule, which blocks the use of mandatory arbitration clauses in consumer financial products and...more

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

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

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

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Cybersecurity

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