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Class Action Arbitration Waivers Mandatory Arbitration Clauses Consumer Financial Protection Bureau

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

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

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

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

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

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

by Kelley Drye & Warren LLP on

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

Revisiting the Enforceability of Class Action Waivers in Consumer Financial Contracts

by 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

Are Existing Agreements Governed by the New CFPB Arbitration Rule?

by 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

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

by 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

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

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

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

by 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

Financial Services Weekly News - July 2017

by Goodwin on

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

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

by King & Spalding on

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

CFPB Issues New Arbitration Rule – Are the Flood Gates Opening for Consumer Class Actions against Financial Institutions?

by Sedgwick LLP on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a rule, which prohibits many financial institutions from including mandatory arbitration provisions that limit their customers’ ability to join class...more

CFPB Eliminates Class Action Waivers with New Arbitration Rule

by Blank Rome LLP on

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

CFPB Issues Arbitration Agreements Final Rule

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

Spoiling for a Fight: CFPB Issues Ban on Class Waivers, Daring Congress to Act

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued its long-awaited and controversial rule prohibiting class action waivers in consumer contracts. Unless Congress uses the Congressional Review Act (CRA)...more

CFPB Issues Final Rule on Arbitration Prohibiting Class Action Waivers — But Will it Stick?

by Faegre Baker Daniels on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued its final arbitration rule prohibiting covered providers of certain “consumer financial products or services”1 from using a pre-dispute arbitration...more

CFPB Issues Game-Changing Rule On Arbitration Clauses

by McGuireWoods LLP on

On Monday, July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a game-changing final rule regarding the use of arbitration clauses in consumer contracts. The Rule is effective 60 days following its...more

New Administration Dismantles More Of Obama Arbitration Regulations

It was only a few weeks ago that this blog covered the reversal of the CMS regulation on arbitration in nursing homes. Now, the Trump Administration has altered course on two other issues of arbitration policy....more

2016 in Arbitration Law: Fleeting Victories for Consumer Advocates?

If I had drafted this annual summary post on November 7, 2016, it would have looked different. At that point, the year had produced numerous (final or proposed) federal regulations that significantly restricted the use of...more

NAIC Draws Line in CFPB Sandbox

by Carlton Fields on

The National Association of Insurance Commissioners has taken a firm stance on the Consumer Financial Protection Bureau’s proposed ban on "mandatory arbitration" clauses that make financial product consumers waive their right...more

CFPB Grabs for SEC/CFTC Turf

by Carlton Fields on

In May, the Consumer Financial Protection Bureau (CFPB) proposed a ban on “mandatory arbitration” contract clauses that make financial products consumers waive their right to join class actions. Broker-dealers,...more

CFPB and Banks Battle Over Arbitration Clauses, Class Actions

by Bilzin Sumberg on

After the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 authorized its creation, the Consumer Financial Protection Bureau (CFPB) began operating on July 21, 2011. In the more than five years since it...more

Trade groups comment on CFPB arbitration proposal

by Ballard Spahr LLP on

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration...more

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

by Ballard Spahr LLP on

By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for...more

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