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Service Contracts Consumer Financial Protection Bureau (CFPB)

Sheppard Mullin Richter & Hampton LLP

CFPB Director Critical of Small Bank Core Service Providers

Recently, CFPB Director Rohit Chopra spoke at a joint meeting of the CFPB’s Community Bank Advisory Council and Credit Union Advisory Council in which he expressed concerns that core service providers that many small banks...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

Holland & Knight LLP

Controversial CFPB Rule Exposes Financial Services Companies to Greater Class Action Risk

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Under a controversial new final rule issued by the Consumer Financial Protection Bureau (CFPB) on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action...more

Bass, Berry & Sims PLC

Arbitration Regulation Bars Class Action Waivers

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On July 10, the Consumer Financial Protection Bureau(CFPB) issued its final rule preventing certain financial product and service providers from including in their consumer contracts pre-dispute arbitration provisions that...more

Ballard Spahr LLP

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

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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

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

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Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking...more

Ballard Spahr LLP

Trade groups comment on CFPB arbitration proposal

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The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration...more

Ballard Spahr LLP

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

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By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more

Ballard Spahr LLP

Democratic lawmakers urge adoption of CFPB arbitration proposal

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A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s...more

Burr & Forman

The Best Defense is a Good Strategy: Planning for the Arbitration Rule

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On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) held its fourth field hearing on Arbitration and issued a proposed Rule that would prohibit the use of arbitration clauses that block consumers’ participation...more

Ballard Spahr LLP

Comment period on CFPB proposed arbitration rule ends August 22

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With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016....more

Ballard Spahr LLP

CFPB releases Spring 2016 rulemaking agenda

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The 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 reflect the CFPB’s release of its proposed...more

Ballard Spahr LLP

High Praise for WSJ Editorial, with a Small Caveat

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A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes...more

Ballard Spahr LLP

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

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On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the...more

Ballard Spahr LLP

House to hold May 18 hearing on CFPB’s proposed arbitration rule

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On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public...more

Stinson - Corporate & Securities Law Blog

CFPB Proposes Controversial Rule to Limit Use of Arbitration Agreements

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced a long-awaited and highly-controversial proposed rule that, if adopted, would prohibit certain financial services companies from banning consumer class...more

Troutman Pepper

Is This the End of Arbitration for Consumer Financial Disputes?

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The proposed rule has broad implications for the financial industry, which has relied on class action waivers in consumer agreements to ensure that arbitration is a cost-effective way of resolving disputes with customers....more

Stinson LLP

CFPB Proposal to Allow More Class Action Lawsuits Against Banks

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The Consumer Financial Protection Bureau (CFPB) released a proposed rule Thursday that would significantly increase consumers' ability to sue banks and other financial service providers. The proposal, which has been highly...more

BakerHostetler

CFPB Announces Proposed Ban to Mandatory Class Action Waivers in Arbitration Agreements

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On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) announced the issuance of a Notice of Proposed Rulemaking soliciting comments on a proposed rule to prohibit covered institutions from including, in most core...more

Ballard Spahr LLP

Chamber of Commerce suggests issues for CFPB to address at May 5 arbitration field hearing

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The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on...more

Ballard Spahr LLP

Alan Kaplinsky to represent industry at May 5 CFPB arbitration field hearing

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Alan Kaplinsky, who leads Ballard Spahr’s Consumer Financial Services Group, has been asked by the CFPB to testify as an industry representative at the CFPB’s May 5 field hearing on arbitration. We expect the hearing to...more

Stinson LLP

Emerging Trends in Arbitration: Battle Brewing Between Executive and Judicial Branches

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In recent years, arbitration has become a divisive issue. Exemplifying the increased public focus on arbitration, The New York Times ran a three-part series in 2015 that was very critical of the state of arbitration law. In...more

McGuireWoods LLP

Consumer Groups Urge CFPB to Investigate T-Mobile’s ‘No-Contract’ Marketing

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In early December, several consumer groups joined in a letter asking the Consumer Financial Protection Bureau (CFPB) to investigate T-Mobile over allegedly misleading advertisements and abusive debt collection practices. The...more

Carlton Fields

CFPB Continues to Target Add-On Credit Products

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The Consumer Financial Protection Bureau (CFPB) has stepped up its enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been one of...more

Carlton Fields

CFPB Brings Two More Enforcement Actions Targeting Add-On Credit Products

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Last week, the Consumer Financial Protection Bureau (CFPB) filed two more enforcement actions alleging deceptive and unfair practices in marketing and billing for add-on credit protection products. Add-on products have been...more

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