News & Analysis as of

Arbitration Class Action Banking Sector

Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties... more +
Arbitration is a widely-used method for settling disputes between parties. During arbitration, parties submit their dispute to an impartial third person or party, usually chosen by the parties. Typically, parties to arbitration agree in advance to be bound by the arbitrator's decision. Arbitration is an alternative to litigation, but it shares many of the familiar features of litigation. Namely, parties to arbitration hold hearings before neutral decision-makers, present evidence and argue the merits of their position. Parties often choose arbitration due to its perceived advantages over litigation. Those perceived advantages include greater efficiency and flexibility, and lower costs. less -
Holland & Knight LLP

Mandatory Arbitration and Class Action Waivers by Amendment: Easier Said Than Done

Holland & Knight LLP on

In response in part to the dozens of cases filed throughout the country related to assessment of insufficient funds (NSF) and overdraft (OD) fees, many banks and credit unions have sought to add arbitration and class action...more

Spilman Thomas & Battle, PLLC

Plaintiffs Pursuing Increased Class Action Claims for Overdraft Fees and Charges Against Customers

With plaintiff attorneys seeing potential large dollar settlements and verdicts, along with increased regulatory scrutiny, banks need to review their overdraft practices. As noted by the American Bankers Association, banks...more

Carlton Fields

The Eleventh Circuit Found No Waiver Of Right To Compel Arbitration Against Unnamed Class Members

Carlton Fields on

In sum, the case involves five consolidated class actions brought in Florida federal court against banks by bank customers in 2008 and 2009 alleging that they were unlawfully charged overdraft fees....more

Polsinelli

Waiver Redux: Appeals Court Confirms That Arbitration of Unnamed Class Member Claims Not Waived Following Certification Decision

Polsinelli on

The Eleventh Circuit Court of Appeals recently held that a litigant may enforce its contractual arbitration provision as to absent class members despite not obtaining a ruling on the issue at the outset of the case. The right...more

Stinson LLP

Will the New Year Bring a New CFPB? Planning in the Wake of Uncertainty

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The Consumer Financial Protection Bureau (CFPB) was created under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) in July 2010 in the wake of a financial crisis, as an independent agency tasked with...more

Polsinelli

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

Polsinelli on

President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

Ballard Spahr LLP

CFPB to Remove Arbitration Rule from CFR

Ballard Spahr LLP on

The CFPB is scheduled to publish a notice in tomorrow’s Federal Register removing the agency’s final arbitration rule from the Code of Federal Regulations (CFR). ...more

Pierce Atwood LLP

Consumer Financial Services Arbitration: Another Perspective

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

Ballard Spahr LLP

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

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

Ballard Spahr LLP

Director Cordray criticizes CRA override of CFPB arbitration rule

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

Ballard Spahr LLP

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

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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

Seyfarth Shaw LLP

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

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

Carlton Fields

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

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

Bilzin Sumberg

CFPB Arbitration Rule Eliminated by Congress and President

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

Ballard Spahr LLP

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

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

Robins Kaplan LLP

Your Daily Dose of Financial News

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

Ballard Spahr LLP

President Trump signs CFPB arbitration rule override

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

Moore & Van Allen PLLC

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

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

Ballard Spahr LLP

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

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

Pillsbury Winthrop Shaw Pittman LLP

How the Arbitration Clause Got Its Groove Back

Though initially celebrated by many, the overturning of the CFPB’s arbitration rule could mean problems down the road for the financial services industry. The CFPB’s rule restricting arbitration clauses has been undone by...more

Carlton Fields

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

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

Seyfarth Shaw LLP

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

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

Seyfarth Shaw LLP

Senate Kills CFPB Rule Prohibiting Class Action Waivers

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

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

Burr & Forman

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

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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

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