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Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau (CFPB) › Arbitration

The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and... more +
The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions.    less -
Ballard Spahr LLP

Lawmakers and AFSA oppose future arbitration rulemaking

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In connection with the petition to ban pre-dispute consumer arbitration agreements pending before the Consumer Financial Protection Bureau (CFPB) and a recent Senate Judiciary Committee hearing on “forced arbitration,”...more

Ballard Spahr LLP

CFPB rulemaking on post-dispute consumer arbitration agreements not mentioned in Fall 2023 rulemaking agenda: is there...

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As we reported, the CFPB just released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions....more

Spilman Thomas & Battle, PLLC

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

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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

Ballard Spahr LLP

CFPB arbitration study would not support a new regulation

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Recently, Professor Jeff Sovern and I exchanged views on whether the CFPB could (or should) add arbitration rulemaking to its regulatory agenda.  Professor Sovern has now suggested that the CFPB’s 2015 Study of consumer...more

Morrison & Foerster LLP

Financial Services Report - Spring 2021

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Can you say 0 to 60? Not cars, but pretty much everything to do with financial services. A new year, a new administration, and new challenges for providers. Prior CFPB Director Kraninger is long gone. Acting Director Uejio...more

Morrison & Foerster LLP

Financial Services Report, Summer 2020

Morrison & Foerster LLP on

Is it just us or does March 4 — the date of our last issue — feel like a million years ago? Like you, and not necessarily in this order, we have been: doing our work; keeping up with COVID-19-related laws, guidance, and...more

A&O Shearman

Overview Of Cases Of Particular Interest Currently Pending Before The Supreme Court Of The United States

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Looking ahead, we preview cases currently pending before the Supreme Court—which have already been accepted for review by the Court—that may be of particular interest to readers of the Need-to-Know Litigation Weekly.  These...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

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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

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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”

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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

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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

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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

Ballard Spahr LLP

President Trump signs CFPB arbitration rule override

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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

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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

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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

Manatt, Phelps & Phillips, LLP

Multi-Plaintiff Suit Challenges CFPB’s Arbitration Rule

Manatt, Phelps & Phillips, LLP on

With no progress in Congress repealing the Consumer Financial Protection Bureau’s (CFPB or Bureau) arbitration rule, a coalition of 18 organizations filed suit in Texas federal court seeking to halt implementation of the...more

Carlton Fields

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

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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

Bradley Arant Boult Cummings LLP

CFPB’s Effort to Axe Class Waivers Gets Axed by the Senate

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By the hair of its chinny chin chin, the Senate voted on Tuesday to nullify the CFPB’s previously announced final rule that would have prohibited banks, credit card companies, and other financial service entities from...more

Seyfarth Shaw LLP

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

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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

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