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Civil Procedure Finance & Banking Alternative Dispute Resolution (ADR)

Read Civil Procedure updates, alerts, news, and legal analysis from leading lawyers and law firms:

District Of Colorado Affirms FINRA Arbitration Award

by Carlton Fields on

A Colorado federal court affirmed a FINRA arbitration award, despite a cross-motion to vacate the award on the bases of alleged panel misconduct; exceeding its powers; manifest disregard of the law; and that the award did not...more

Consumer Financial Services Arbitration: Another Perspective

by Pierce Atwood LLP on

Much has been said and written about Congress’ rejection of the CFPB proposal to ban class action waivers in arbitration agreements between consumers and financial services companies. One of the most frequent statements I...more

CFPB Finally Acknowledges Arbitration Rule “Has No Force or Effect”

by Ballard Spahr LLP on

Two weeks after President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule, the CFPB has formally acknowledged Congress’ override of the rule under the...more

Third party debt orders and letters of credit

by Allen & Overy LLP on

The Supreme Court decided that the legal ‘location’ (situs) of a debt due under a letter of credit is the place of residence of the debtor, not where the debt is due to be paid. The decision opens the door for third party...more

Director Cordray criticizes CRA override of CFPB arbitration rule

by Ballard Spahr LLP on

In a blog post last week, we noted that there had been no official statement from the CFPB about Congress’ override of the CFPB’s arbitration rule, which President Trump signed on November 1....more

When will the CFPB formally acknowledge that Congress has repealed its arbitration rule?

by Ballard Spahr LLP on

Yesterday marks one week since President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule....more

Another One Bites the Dust - the President Kills the CFPB Arbitration Rule

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Pursuant to the the Congressional Review Act, President Trump officially repealed the CFPB Arbitration Rule. As expected, President Trump signed the resolution to repeal the arbitration rule proposed...more

No Treat For CFPB: Trump, Congress Override Rule On Class Action Waivers

by Carlton Fields on

On November 1, President Trump signed legislation disapproving a CFPB rule designed to prohibit class action waivers in certain consumer financial services contracts. In so doing, Trump rejected a last minute personal appeal...more

CFPB Arbitration Rule Eliminated by Congress and President

by Bilzin Sumberg on

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

Finance industry groups file dismissal notice in lawsuit seeking to overturn CFPB arbitration rule

by Ballard Spahr LLP on

The plaintiffs in the lawsuit filed by industry groups in a Texas federal district court against the CFPB to overturn the final arbitration rule have filed a Notice of Voluntary Dismissal....more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Facebook may have had a difficult day on the Hill. But a 79% rise in Q3 profit—driven, ironically enough, by online ads—should help soften the blow....more

President Trump signs CFPB arbitration rule override

by Ballard Spahr LLP on

Yesterday, President Trump signed H.J. Res. 111, the joint resolution passed by the House and Senate disapproving the CFPB arbitration rule. The House and Senate actions were taken pursuant to the Congressional Review Act...more

Reversal of Fortune: Congress Strikes Down CFPB Arbitration Rule Banning Class Action Waivers

by Moore & Van Allen PLLC on

U.S. businesses have the good fortune to be on the receiving end of a favorable U.S. Senate vote nullifying the hotly-contested Consumer Financial Protection Bureau (CFPB) rule banning class action waivers in certain consumer...more

Cordray’s Letter to President Trump Distorts Impact of Arbitration Rule

by Ballard Spahr LLP on

CFPB Director Richard Cordray yesterday sent a letter to President Trump asking him to uphold the Bureau’s arbitration rule even though the Senate recently joined the House in authorizing a repeal of the rule under the...more

Banking & Financial Services E-Note - October 2017

by Burr & Forman on

After months of wrangling, the U.S. Senate voted to pass substantive and impactful legislation on Tuesday evening regarding the Consumer Finance Protection Bureau. Please see full E-Note for more information....more

Congress Disapproves The CFPB’s Anti-Class Action Arbitration Waiver Rule

by Carlton Fields on

Congress has adopted a joint resolution of disapproval of the CFPB’s arbitration rule under the Congressional Review Act, 5 U.S.C. Section 801 et seq.  President Trump’s approval of the joint resolution will prevent the...more

CFPB’s Effort to Axe Class Waivers Gets Axed by the Senate

By the hair of its chinny chin chin, the Senate voted on Tuesday to nullify the CFPB’s previously announced final rule that would have prohibited banks, credit card companies, and other financial service entities from...more

Vice President Casts Deciding Vote to Overturn CFPB’s Proposed Arbitration Rule

by Seyfarth Shaw LLP on

Seyfarth Synopsis: Financial institutions can maintain the status quo of their pre-dispute resolution clauses in consumer contracts because Senate voted against CFPB’s proposed arbitration rule....more

Consumer Data Breach: Equifax and Arbitration

by Pepper Hamilton LLP on

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

Senate Kills CFPB Rule Prohibiting Class Action Waivers

by Seyfarth Shaw LLP on

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

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

Congress Quashes CFPB Arbitration Rule: What Next?

Pencils down. (Is the modern equivalent “cursors down”?) All the attorneys who were drafting new form consumer agreements to comply with the CFPB rule prohibiting class action waivers can now trash those documents. ...more

Late-Night Senate Vote Paves Way for President to Kill CFPB Arbitration Rule

by Burr & Forman on

After months of wrangling, the U.S. Senate voted to pass substantive and impactful legislation on Tuesday evening regarding the Consumer Financial Protection Bureau. On July 10, 2017, the Bureau released one of its most...more

Senate Strikes Down CFPB Arbitration Rule

by Pepper Hamilton LLP on

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more

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