Consumer Financial Contracts

News & Analysis as of

CFPB Releases Spring 2016 Rulemaking Agenda

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

CFPB’s Proposed Rule Would Put the Brakes on Pre-Dispute Arbitration Clauses in Consumer Financial Contracts

Congress enacted the Federal Arbitration Act in the 1920s to deter hostility toward arbitration. Despite numerous Supreme Court rulings over the decades upholding that goal, arbitration continues to face hostility. The...more

BC Takes Action to Protect Real Estate Sellers

On May 10, 2016, BC Finance Minister Michael de Jong announced amendments to the Real Estate Services Regulation regarding the imposition of additional obligations on licensees (persons described in s 2 of the Real Estate...more

CFPB Issues Proposed Rule to Restrict the Use of Mandatory Arbitration Clauses and Class Action Waivers

If implemented, the Proposed Rule will result in an increase in class action lawsuits against consumer finance companies that currently include class action waivers in their contracts. Please see full Advisory below for...more

OPT-IN vs. OPT-OUT

As technology continues to make it easier for businesses across the globe to collect, maintain, and use personally identifiable information (“PII”), securing PII has become increasingly important. For most businesses, having...more

Rule Proposed by Consumer Financial Protection Bureau Regarding Arbitration Clauses

The Consumer Financial Protection Bureau (the “CFPB”), a consumer watchdog agency, unveiled a proposed rule that would restrict the use of arbitration clauses in contracts with respect to consumer financial products and...more

The Time Has Come: The CFPB Issues its Proposed Arbitration Rule

As widely anticipated, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking seeking comments on proposed regulations that would: 1) bar class action waivers; and 2) impose reporting...more

Significant Changes in Store for Consumer Finance Businesses – What You Need to Know Now About the CFPB’s New Arbitration Rules

On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued new proposed rules for consumer financial services contracts. The proposed rules have two major components. First, the proposed rules prohibit class...more

CFPB Proposes Rule Prohibiting Class Action Waivers And Requiring Reporting Of Arbitration Information

On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) announced a proposed rule that would ban the use of class action waivers in agreements between consumers and certain providers of consumer financial products...more

Bridging the Week - May 2016 #2

FiNCEN Finalizes Rules Requiring Banks, Broker-Dealers, FCMs, Mutual Funds and IBs to Help Verify Beneficial Owners of Certain Accounts: The Financial Crimes Enforcement Network finalized rules requiring banks,...more

No More Mandatory Arbitration for Consumer Financial Products?

CFPB Proposal Would Effectively Eliminate Most Pre-Dispute Consumer Arbitrations - To no one's surprise, the Consumer Financial Protection Bureau (CFPB) proposed rules on May 5, 2016 that will effectively, if promulgated...more

Consumer Agency Proposal Would Expose Banks to More Class Action Lawsuits

Under new rules proposed by the Consumer Financial Protection Bureau (CFPB), consumers would be handed greater ability to bring class action lawsuits against financial institutions and consumer financial services providers....more

Fed Wants Limits on Qualified Financial Contracts of Large Banks

The Board of Governors of the Federal Reserve System is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking...more

Loan agreements: when can terms be challenged as unfair or unreasonable?

English law contains no general principle that contractual terms must be fair or reasonable: parties must live with the bargain they have made. This is one of the ways in which English law is "lender-friendly": it enables...more

Pending California Legislation Threatens to Eviscerate Consumer and Employment Contractual Choice of Law and Venue Provisions

Out-of-state companies doing business in California would be well-advised to look closely at a new bill pending in the California State Legislature. If you are concerned about defending litigation cases in the most...more

April 2016 Arbitration Update - Avoiding the Void: Arbitration Clauses in Australian Standard Form Consumer Contracts

Consumer contracts in the 21st century frequently contain arbitration clauses. Online sellers, transport service providers, telephone companies, social media websites and even dating apps are all requiring consumers to sign...more

UK Legislation on Unregulated and Regulated Activities

The Financial Services and Markets Act 2000 (Regulated Activities) (Amendment) Order 2016 was made. The Order amends legislation relating to the regulation of activities connected with lending, primarily the Financial...more

Class Action Report: 2010-2015

Over the last decade, the U.S. Supreme Court issued a string of opinions with profound implications for the enforceability of arbitration provisions and class action waivers in consumer contracts. These decisions, the most...more

Changes to Ontario’s Personal Property Security Act: What secured parties need to know

Following a panel report from the Minister of Government and Consumer Services, two significant changes to the Ontario Personal Property Security Act (the “PPSA”) came into effect near the end of 2015. These changes centred...more

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

Council approves Benchmarks Regulation text

The Council has published a note to the Permanent Representatives Committee (COREPER) on the proposed Regulation on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of...more

California Court of Appeal holds certain class action waivers may be unenforceable

Class action waivers have become common in consumer contracts, including sales agreements to purchase newly constructed residences and employment agreements, which may also contain arbitration clauses. After last year’s...more

U.S. Court of Appeals for the 2nd Circuit Mandates a Stay of Litigation When All of the Disputed Claims Are Arbitrable

In Katz v. Cellco Partnership (July 28, 2015), the U.S. Court of Appeals for the 2nd Circuit this summer clarified that district courts do not have discretion to dismiss a case that has been referred to arbitration. Instead,...more

Businesses Beware – Use of Non-Disparagement Clauses May Arouse FTC Suspicion

For the first time ever, the Federal Trade Commission (“FTC”) last month sought to have non-disparagement clauses declared unfair under the Federal Trade Commission Act (“FTC Act”) in its case against Sarasota, Florida...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

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