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Federal Arbitration Act › Consumer Lenders

The Federal Arbitration Act is a United States federal statute enacted in 1925 that governs arbitration in contracts implicating interstate commerce. The Act applies in both federal and state courts. 
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

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

Smith Debnam Narron Drake Saintsing & Myers,... on

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

Troutman Pepper

Senate Strikes Down CFPB Arbitration Rule

Troutman Pepper on

The short-lived rule will likely be remembered as part of the Trump Administration’s dismantling of the Obama Administration’s legacy, and as continuing the trend of courts strictly enforcing agreements to arbitrate as...more

Carlton Fields

Second Circuit Upholds Refusal To Compel Arbitration Due To Unavailable Forum, Recognizing Split In Federal Circuits

Carlton Fields on

A borrower had previously entered into three payday loan agreements that contained arbitration provisions mandating that all claims be arbitrated in the National Arbitration Forum (NAF), and under the Code of Procedure of the...more

Dorsey & Whitney LLP

It Is Now Easier To Draft Class Action Waivers and Arbitration Agreements

Dorsey & Whitney LLP on

Last week, the California Supreme Court provided additional guidance as to how to draft an enforceable arbitration agreement and how Courts should analyze whether mandatory arbitration provisions can be held unconscionable...more

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