Consumer Financial Contracts

News & Analysis as of

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

CFPB Director Cordray Elaborates on Planned Consumer Arbitration Rulemaking

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, CFPB Director Richard Cordray...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

CFPB Considering Proposals to Limit Pre-Dispute Arbitration Agreements for Consumer Financial Products and Services, Convenes...

On October 7, the CFPB issued proposals to limit the use of mandatory pre-dispute arbitration agreements, which it contends are often used to evade class action litigation. Under the proposals, the Bureau would seek to...more

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for...more

DBIS makes CRA consequential amendments

DBIS has made an order setting out amendments consequential to the commencement of the Consumer Rights Act 2015 (CRA). The amendments come into force on 1 October....more

Construction Briefing - Legal changes affecting construction businesses from 1 October 2015

1 October 2015 ushers in a number of legal changes which affect construction businesses operating in the UK. We have provided brief highlights of some of the changes below. If you need further information, please contact us...more

Setting the Record Straighter

Recently, Professor Jeff Sovern sent an email to the editor of the Consumer Financial Services Law Report commenting on an article we published in the August 9, 2015 issue of the Report titled, “CFPB Makes Consumer...more

NY Amends Debt Collection Regulations, Issues More Guidance

The New York Department of Financial Services (DFS) has amended several provisions of its Third-Party Debt Collector and Debt Buyer Regulations and issued additional guidance in the form of new frequently asked questions...more

FMLC writes to PRA on contractual stays

FMLC has written to the PRA in response to a consultation on contractual stays in financial contracts governed by third-country law. FMLC welcomes the proposed rule for a stay of early termination rights to take effect on the...more

BBA responds to PRA consultation on contractual stays

BBA has responded to PRA proposals to mandate that banks include, in financial contracts issued under third country law, contractual provisions binding the counterparty to recognise any stay on termination rights imposed by...more

Lender’s Allegedly “One-Sided” Gift Card Arbitration Clause Questioned

On August 6, 2015, a California federal judge requested further briefing on whether the arbitration clause in a lender’s Visa gift card user agreement may be unenforceable against a putative class action plaintiff – raising...more

New York City Can Regulate Attorney Debt Collection Conduct, Second Circuit Rules

New York City can regulate the conduct of attorneys engaged in debt collection, the U.S. Court of Appeals for the Second Circuit has ruled. In Eric M. Berman, P.C. and Lacy Katzen, LLP v. City of New York, et al., the...more

Florida’s Third DCA Enforces Florida Arbitration Statute – Sends Questions of Enforceability and Unconscionability to Arbitrator

In Arrasola v. MGP Motor Holdings, LLC, 3D15-381, 40 Fla. L. Weekly D1837b (Fla. 3d DCA August 5, 2015) the Florida Third District Court of Appeal was asked to resolve whether a court or an arbitrator should decide if an...more

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