CFPB Publishes Spring 2016 Regulatory Agenda

Morrison & Foerster LLP

On June 9, 2016, the Consumer Financial Protection Bureau (CFPB) released its semi-annual regulatory agenda for Spring 2016. The agenda identifies the CFPB’s priorities through April 2017. While it does not include any major surprises, the agenda does revise the projected timeline for several highly anticipated rulemaking activities. Here are the CFPB’s current initiatives.

• Arbitration. On May 24, 2016, the CFPB published its anticipated proposed rule on arbitration agreements that would: 1) bar class action waivers, and 2) impose reporting requirements for individual arbitrations undertaken pursuant to pre-dispute arbitration agreements. Comments on the proposed rule are due by August 22, 2016. The Bureau began the rulemaking process in October 2015 by releasing an outline of two rulemaking proposals under consideration to limit the use of pre-dispute arbitration clauses in consumer financial service contracts. The CFPB also convened a panel under the Small Business Regulatory Enforcement Fairness Act (SBREFA) to consult with small businesses that may be affected by the policy proposals under consideration...

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