Today, the CFPB announced at a field hearing in Denver, Colorado that it is considering proposing rules that would prohibit consumer financial services companies from using class action waivers in consumer arbitration clauses. The CFPB has published an outline of its proposals in preparation for convening a Small Business Review Panel to gather feedback from small industry stakeholders. This is the first step in the process of a potential rulemaking on this issue. Alan Kaplinsky testified at the CFPB’s invitation to present the financial services industry’s position on the proposed rules. We have issued an E-alert on this important development which contains a link to the CFPB’s outline of its proposals.