News & Analysis as of

Consumer Financial Contracts Financial Institutions

CFPB Releases Final Rule Banning Certain Pre-Dispute Arbitration Agreements

by WilmerHale on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB or the Bureau) announced its long-anticipated final rule to prohibit the use of pre-dispute arbitration agreements to block consumer class actions in contracts...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - The CFPB Publishes Final Rule for Prepaid Accounts - On October 5, 2016, the Consumer Financial Protection Bureau (the "CFPB") finalized comprehensive consumer protections for...more

UK Financial Regulatory Developments - June 2016 #13

by Dentons on

Commission consults on FICOD evaluation - The Commission has launched a consultation on its performance evaluation of the Financial Conglomerates Directive (FICOD). Its purpose is to assess whether the current FICOD...more

CFPB Releases Spring 2016 Rulemaking Agenda

by Ballard Spahr LLP on

The Consumer Financial Protection Bureau (CFPB) has released its Spring 2016 rulemaking agenda. The agenda sets the following timetables for key rulemaking initiatives: Arbitration. The Spring 2016 agenda does not...more

Fed Wants Limits on Qualified Financial Contracts of Large Banks

The Board of Governors of the Federal Reserve System is inviting comment on a proposed rule to promote U.S. financial stability by improving the resolvability and resilience of systemically important U.S. banking...more

Bail out the sea of paper in your in-box – understanding Article 55 bail-in clauses

by Reed Smith on

From 1 January 2016, European Economic Area (EEA) member states are required to implement Article 55 of the European Union Bank Recovery and Resolution Directive (2014/59) (BRRD)....more

New York Times article omits critical pro-arbitration facts

by Ballard Spahr LLP on

An article on consumer arbitration in this week’s Sunday New York Times concludes that “[b]y inserting individual arbitration clauses into a soaring number of consumer and employment contracts, companies… devised a way to...more

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

by Reed Smith on

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for...more

Setting the Record Straighter

by Ballard Spahr LLP on

Recently, Professor Jeff Sovern sent an email to the editor of the Consumer Financial Services Law Report commenting on an article we published in the August 9, 2015 issue of the Report titled, “CFPB Makes Consumer...more

FMLC writes to PRA on contractual stays

by Dentons on

FMLC has written to the PRA in response to a consultation on contractual stays in financial contracts governed by third-country law. FMLC welcomes the proposed rule for a stay of early termination rights to take effect on the...more

Consumer Rights Act 2015 Implementation in October 2015 - Do your consumer contracts have potentially unfair terms?

by Dentons on

In this article, written for Compliance Monitor, Nicholas Ralph of Dentons looks at how the unfair terms provisions of the CRA may impact financial services firms. The Consumer Rights Act 2015 (CRA), which received Royal...more

CFPB 2015 Arbitration Study: coming curbs on consumer financial services contract arbitration provisions - 6 steps for businesses

by DLA Piper on

The Consumer Financial Protection Bureau (the CFPB) 2015 Arbitration Study, released yesterday in conjunction with a speech by CFPB Director Richard Cordray, lays the groundwork for rule making to broadly restrict the use of...more

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