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Consumer Financial Protection Bureau (CFPB) Mandatory Arbitration Clauses

Ballard Spahr LLP

Consumer Advocates Petition CFPB to Undertake Rulemaking to Prohibit “Pre-dispute” Consumer Arbitration Clauses

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Earlier last week, a group of consumer advocate organizations filed a Petition for Rulemaking with the CFPB that would prohibit the use of pre-dispute arbitration clauses in consumer contracts in favor of arbitration clauses...more

Venable LLP

Ninth Circuit Rejects Dark Patterns Challenge to Arbitration Agreement

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The Ninth Circuit has never been shy about declining to compel arbitration, and the Court has issued multiple cases outlining what constitutes sufficient notice of certain provisions in consumer-facing terms and conditions,...more

Cadwalader, Wickersham & Taft LLP

CFPB Issues Proposed Rule on Form Contracts

The Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule last week addressing the “Registry of Supervised Nonbanks that Use Form Contracts to Impose Terms and Conditions that Seek to Waive or Limit Consumer...more

Goodwin

CFPB Files Complaint Against Pawnshop Lenders for Alleged Military Lending Act Violations

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On November 12, 2021, the Consumer Financial Protection Bureau (CFPB) announced that it filed a complaint in the United States District Court for the Northern District of Texas against two pawnshop lenders, alleging...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

Ballard Spahr LLP

Maryland Commission should reject adoption of NCLC’s Model Arbitration Act

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According to a report issued earlier this month, the Maryland Financial Consumer Protection Commission is considering the adoption of the “Model State Consumer and Employee Justice Enforcement Act” developed several years ago...more

Kilpatrick

Following Razor-Thin Senate Vote, The Consumer Financial Protection Bureau Fails in Effort to Outlaw Class Action-Killing...

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On October 24, 2017, the U.S. Senate passed a resolution disapproving the Arbitration Agreements Final Rule (“Rule”) enacted earlier this year by the Consumer Financial Protection Bureau (“CFPB”). The Rule sought to prohibit...more

Goodwin

U.S. Chamber of Commerce Challenges CFPB Rule Immunizing Class Actions from Arbitration Clauses

Goodwin on

On September 29, 2017, the United States Chamber of Commerce and various business and financial services groups (collectively, Plaintiffs) filed a complaint for declaratory and injunctive relief in the United States District...more

Bradley Arant Boult Cummings LLP

Will the Future Bring a Surge of Class Actions against Banks and Credit Card Companies?

On July 10, 2017, the Consumer Financial Protection Bureau formally issued its long-anticipated final rule banning class waivers in future arbitration agreements for banks, lenders, debt counselors, credit card issuers,...more

Pillsbury - Global Sourcing Practice

Has the Era of the Consumer Class Action Waiver Passed?

Financial Institutions may need to revise consumer contracts to remove class action waivers in preparation for a March 2018 federal rule. On July 19, the U.S. Consumer Financial Protection Bureau, the federal regulator for...more

Cozen O'Connor

The State AG Report Weekly Update

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Republican Jay McMahon Announces Bid for Massachusetts Attorney General- Republican Jay McMahon, an attorney in private practice, announced his candidacy to become Massachusetts AG. McMahon is the first candidate to...more

Manatt, Phelps & Phillips, LLP

Will the CFPB’s Arbitration Rule Survive?

As previously reported, the Consumer Financial Protection Bureau (CFPB) released its new rule prohibiting the use of mandatory arbitration clauses that foreclose group lawsuits. But will the rule survive?...more

Proskauer - Minding Your Business

New CFPB Arbitration Rule Already Under Attack

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a new rule that would make it easier for consumers to bring class action lawsuits against financial institutions. The new rule bans financial...more

Kelley Drye & Warren LLP

CFPB Issues Final Rule Prohibiting Mandatory Pre-Dispute Arbitration Agreements for Covered Consumer Financial Products and...

The Federal Register published today the Consumer Financial Protection Bureau's (CFPB) final rule that was announced last week and would prohibit providers of covered consumer financial products and services from using...more

BakerHostetler

Revisiting the Enforceability of Class Action Waivers in Consumer Financial Contracts

BakerHostetler on

On July 19, 2017, the Consumer Financial Protection Bureau (CFPB) published the final Arbitration Agreements Rule (the rule) that would impact the way claims involving consumer financial products and services are handled in...more

Balch & Bingham LLP

Are Existing Agreements Governed by the New CFPB Arbitration Rule?

Balch & Bingham LLP on

The Dodd Frank Act expressly provided that any CFPB rule on arbitration would not apply to existing contracts. 12 U.S.C. § 5518(d). Therefore, the CFPB rule released last week will only bar class action waivers for...more

Clark Hill PLC

Window on Washington - This Week in the Nation's Capital - Vol. 1, Issue 17

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EPA Appropriations Bill: A House appropriations bill for fiscal year 2018 would trim the budget of the Environmental Protection Agency by $500 million, as opposed to the $2.6 billion cut requested by the White House. The...more

Clark Hill PLC

The CFPB's Final Arbitration Rule: Second Verse, Same as the First

Clark Hill PLC on

The Consumer Financial Protection Bureau's ["CFPB" or "Bureau"] July 10, 2017 final rule on the use of arbitration clauses in consumer financial products and services demonstrated the Bureau's determination to carry through...more

Kilpatrick

Broker-Dealers and Investment Advisers Exempted from CFPB’s Arbitration Agreement Rule

Kilpatrick on

The Consumer Financial Protection Bureau (the “CFPB”) issued a final rule on July 10, 2017 that has received widespread attention. The rule, promulgated pursuant to section 1028(b) of the Dodd-Frank Act, generally regulates...more

Cozen O'Connor

The State AG Report Weekly Update

Cozen O'Connor on

Republican Chess Bedsole Announces Bid for Alabama Attorney General- Chess Bedsole, who previously served as the Alabama campaign chairman for President Trump, announced his candidacy to become the Alabama AG. Bedsole is...more

Vedder Price

Another Day, Another Regulation: A Summary and Description of the CFPB’s Arbitration Rule

Vedder Price on

On July 10, 2017, the Consumer Financial Protection Bureau (the “CFPB”) finalized its proposed arbitration rule that will prohibit providers of certain consumer financial products and services from requiring a consumer to...more

Goodwin

Financial Services Weekly News - July 2017

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Editor's Note - Fireworks After the July 4th Holiday. On July 10, the Consumer Financial Protection Bureau (CFPB) issued the highly anticipated final Arbitration Rule, which prohibits the use of mandatory arbitration...more

King & Spalding

CFPB Issues Final Rule Banning Class Action Waivers in Consumer Finance Contracts

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On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) announced a final Rule banning the use of class action waivers in a broad range of consumer finance agreements. The Rule, which was expected in light of prior...more

Blank Rome LLP

CFPB Eliminates Class Action Waivers with New Arbitration Rule

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On July 10, 2017, the Consumer Financial Protection Bureau (“CFPB”) issued a final rule (“Arbitration Rule”) prohibiting banks, debt servicers, credit card companies, and a wide range of other businesses from using...more

Kilpatrick

CFPB Issues Arbitration Agreements Final Rule

Kilpatrick on

On July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) issued a final rule governing agreements that provide for the arbitration of any future disputes between consumers and providers of certain consumer...more

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