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Federal Arbitration Act Consumer Financial Protection Bureau (CFPB)

The Federal Arbitration Act is a United States federal statute enacted in 1925 that governs arbitration in contracts implicating interstate commerce. The Act applies in both federal and state courts. 
Seward & Kissel LLP

Employment Litigation Roundup: July 2024

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Arbitration agreement deemed inapplicable where plaintiff plausibly alleged sexual harassment claim - The Ending Forced Arbitration of Sexual Assault and Sexual Harassment Act of 2021 ( “EFAA”) amended the Federal...more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Discussion of Industry and Consumer Perspectives on Mass Arbitration

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Our special guest is Professor Richard Frankel of Drexel University Thomas R. Kline School of Law and the author of a recent article on mass arbitration. In this episode, we first discuss what mass arbitration is, how it...more

Ballard Spahr LLP

Comment letters from consumer advocates bolster case against CFPB rulemaking on post-dispute arbitration clauses

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We previously reported and released a podcast episode on comments that we and Professor David Sherwyn of Cornell University submitted in opposition to the Petition for Rulemaking filed by a number of consumer advocacy groups...more

Cozen O'Connor

The State AG Report – 11.30.2023

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Here are curated AG and federal regulatory news stories highlighting key areas in which state and federal regulators’ decisions are having an impact across the US: • FTC Doesn’t Sugarcoat Warning Letters to Social Media...more

Ballard Spahr LLP

Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer...

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Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more

Ballard Spahr LLP

Rhode Island federal court nixes stand-alone class action waiver

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A Rhode Island federal district court recently refused to enforce a stand-alone class action waiver in the consumer plaintiff’s automobile lease agreement on the ground that it violates state public policy. The court in...more

Ballard Spahr LLP

Consumer Advocates Petition CFPB to Undertake Rulemaking to Prohibit “Pre-dispute” Consumer Arbitration Clauses

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Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses...more

Husch Blackwell LLP

Aggressive CFPB Rulemaking Attempts to Create Registry of Nonbank Contract Provisions

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On February 1, 2023, the Consumer Financial Protection Bureau (CFPB) published a proposed rule that, if implemented, would require most nonbanks subject to the CFPB’s supervisory authority, with limited exceptions, to submit...more

Ballard Spahr LLP

U.S. Department of Education Axes Arbitration Provisions in Final Student Loan Rules

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The U.S. Department of Education recently announced final regulations, effective July 1, 2023, designed to expand and improve the major student loan discharge programs authorized by the Higher Education Act. Among other...more

Ballard Spahr LLP

Professor Sovern’s Opt-In Arbitration Proposal Is Neither New Nor Supportable

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Professor Jeff Sovern recently proposed that the CFPB issue a supposedly “new” arbitration rule “that prevents companies from blocking consumers from suing in court unless consumers specifically opted in to the arbitration...more

BCLP

2019 Year in Review for Financial Services Class Actions - Highlighted class action and regulatory developments

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Focus areas included FCRA, Fair Lending, ancillary fees and services (such as lender placed flood insurance), TCPA, privacy and data security and other topics. Consumer Financial Protection Bureau’s Director Kathleen...more

Skadden, Arps, Slate, Meagher & Flom LLP

2019-20 Supreme Court Update

The U.S. Supreme Court’s 2019-20 term is receiving substantial attention for cases involving signature initiatives of President Donald Trump’s administration. But the Court also maintains an extensive docket directly relevant...more

Ballard Spahr LLP

House passes bill to ban mandatory arbitration agreements; White House threatens veto

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This past Friday, by a vote of 225-186, the House passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.”  A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary...more

Ballard Spahr LLP

House Judiciary Subcommittee Hears Testimony on Arbitration Agreements

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A subcommittee of the House Judiciary Committee recently held a hearing titled “Justice Denied: Forced Arbitration and the Erosion of our Legal System.”...more

Goodwin

Financial Services Weekly News - February 2019 #3

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Editor's Note - Good News, Bad News. Key developments in federal securities laws have recently brought both good news and bad news for current and prospective public companies. First, the Securities and Exchange Commission...more

Ballard Spahr LLP

Consumer Advocates’ Proposed “Arbitration Multiplier” Is a Wolf in Sheep’s Clothing

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According to a forthcoming article by Professors Andrea Chandrasekher and David Horton in the California Law Review, more consumers and their lawyers would take advantage of individual arbitration if states enacted...more

Goodwin

Financial Services Weekly News - April 2018

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Editor's Note - Treasury Issues Recommendations to Modernize the Community Reinvestment Act. On April 3, the U.S. Department of the Treasury released a report containing its recommendations for modernizing the Community...more

Bilzin Sumberg

CFPB Arbitration Rule Eliminated by Congress and President

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On November 1, President Trump formally did away with a Consumer Financial Protection Bureau (CFPB) arbitration rule that would have given consumers the opportunity to file class actions against banks and other companies in...more

Troutman Pepper

Consumer Data Breach: Equifax and Arbitration

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The latest large consumer data breach, this time involving Equifax, has also shed a sharp light on an ongoing controversy about consumers’ access to justice. In taking steps to ameliorate its PR crisis, Equifax found itself...more

Seyfarth Shaw LLP

Senate Kills CFPB Rule Prohibiting Class Action Waivers

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Yesterday the Senate struck down a new Consumer Financial Protection Bureau (“CFPB”) rule which would have prohibited providers of financial products and services from including class action waivers in their arbitration...more

Hinshaw & Culbertson LLP

U.S. Senate Joins The House To Eliminate The CFPB’s Final Rule Against Class Action Waivers in Arbitration Clauses; The President...

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With Vice President Pence casting a dramatic tie-breaking vote just after 10 p.m. E.D.T. on October 24th, the U.S. Senate joined the U.S. House of Representatives to eliminate, based on their authority under the Congressional...more

Smith Debnam Narron Drake Saintsing & Myers,...

Congress Votes To Repeal CFPB’s Arbitration Rule

The Senate voted on Tuesday, October 24, to repeal the CFPB’s Arbitration Rule first proposed in May of 2016 and issued in its final form in July. The rule would have imposed limitations on the use of pre-dispute arbitration...more

Manatt, Phelps & Phillips, LLP

The CFPB Arbitration Rule Is Dead, or Is It?

By now you’ve heard that the Senate has killed the Consumer Financial Protection Bureau’s (CFPB’s) arbitration rule. Following on the heels of an earlier thumbs-down vote of the House of Representatives, the Senate voted by...more

Troutman Pepper

Senate Strikes Down CFPB Arbitration Rule

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The short-lived rule will likely be remembered as part of the Trump Administration’s dismantling of the Obama Administration’s legacy, and as continuing the trend of courts strictly enforcing agreements to arbitrate as...more

Manatt, Phelps & Phillips, LLP

California Bill Would Ban Arbitration in Fraudulent Bank Contracts

In the wake of a scandal involving a national bank that allegedly opened millions of accounts without the consent of consumers, the California legislature has passed a bill that would prohibit the application of mandatory...more

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