News & Analysis as of

Financial Institutions Arbitration Agreements

Adler Pollock & Sheehan P.C.

2024 Rhode Island Legislative Session Report

The Rhode Island General Assembly adjourned sine die on Friday, bringing the 2024 legislative session to a close. Below is an overview of noteworthy legislation passed during the session....more

Ballard Spahr LLP

Consumer Finance Monitor Podcast Episode: A Look at a New Approach to Consumer Contracts

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Our special guest is Andrea Boyack, Professor, University of Missouri School of Law. We first discuss the principles that underlie our current system of consumer contracts and the system’s role in promoting transactional...more

Ballard Spahr LLP

442 Congress members did NOT join anti-arbitration letter to CFPB

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Recently, 93 members of Congress (all Democrats) signed a letter in support of the pending Petition for Rulemaking filed by consumer advocacy groups in September that would prohibit pre-dispute consumer arbitration clauses...more

Ballard Spahr LLP

Ballard Spahr attorneys and Cornell University law professor submit comments opposing CFPB rulemaking on post-dispute consumer...

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Ballard Spahr Senior Counsel Alan S. Kaplinsky and Mark J. Levin, and David Sherwyn, Professor of Law at Cornell University’s School of Hotel Administration, today submitted lengthy comments to the Consumer Financial...more

Troutman Pepper

CFPB Will Seek Public Input on Proposed Rule on Mandatory Pre-Dispute Arbitration Provisions

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In response to a petition filed last week by a number of consumer advocacy groups, the Consumer Financial Protection Bureau (CFPB or Bureau) announced that it will be seeking public input on a possible rule that would curtail...more

Ballard Spahr LLP

CFPB reacts quickly and favorably to Petition submitted to it by consumer groups to ban pre-dispute arbitration

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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 that...more

Ballard Spahr LLP

If consumers are “clueless” about arbitration, it’s not industry’s fault

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Last week, Professor Jeff Sovern of St. John’s University School of Law published a blog post discussing a new empirical study by Roseanna Sommers, Assistant Professor of Law at the University of Michigan Law School, dealing...more

Spilman Thomas & Battle, PLLC

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

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

Sheppard Mullin Richter & Hampton LLP

CFPB Proposes Registry of Terms and Conditions for Nonbanks

On January 11, the CFPB proposed a rule requiring nonbanks subject to its supervisory authority, with limited exceptions, to annually register with the CFPB regarding their use of certain terms and conditions in form...more

Akin Gump Strauss Hauer & Feld LLP

A High Point for On-Demand Bonds: English Court of Appeal Questions ‘Paget’s Presumption’; English High Court Rejects Emergency...

On-Demand Bonds or Guarantees are preferred relative to “see to it” Bonds or Guarantees. This is because under On-Demand Bonds the obligation to pay arises through a demand being made under the Bond whereas under a “see to...more

Goodwin

Fed Proposes Guidelines for Access to Master Accounts and Payment Services

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In This Issue. The Board of Governors of the Federal Reserve System (Federal Reserve), in response to an increased number of inquiries and access requests from companies with fintech and other narrow purpose charters, invited...more

BCLP

Time to reconsider? Post-Brexit, now is a good opportunity for the finance sector to take a second look at the key benefits...

BCLP on

As we discussed in our It’s Good To Talk article as part of our Emerging Themes in Financial Regulation 2021 publication, many banks and financial institutions operating in the UK have historically tended to favour exclusive...more

Amundsen Davis LLC

Proactive Steps To Reduce Overdraft Litigation Risk

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Financial institutions are aware that they have become targets of overdraft litigation, including class action lawsuits. While overdraft ligation has been around for a long time, the number of suits and threatened suits seems...more

Ballard Spahr LLP

Dept. of Education finalizes regulations allowing use of pre-dispute arbitration agreements by schools receiving Title IV aid for...

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In less than a year, pre-dispute arbitration agreements will be clearly permissible again now that the Department of Education has finalized its proposal to rescind the Obama administration’s “Borrower Defense” rule issued in...more

Manatt, Phelps & Phillips, LLP

California Arbitration Decision Highlights McGill Risk

A recent arbitration decision by a federal district court in San Diego highlights the risk posed by the California Supreme Court’s 2017 decision in McGill v. Citibank. McGill held that California public policy precludes the...more

Holland & Knight LLP

Food and Beverage Law Update: June 2018

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Wage and Hour - Decision Upholds Class Action Waivers in Arbitration Clauses, Resolves Circuit Split - The U.S. Supreme Court issued a long-awaited decision in Epic Systems Corp. v. Lewis on May 21, 2018, holding that...more

Ballard Spahr LLP

Coinbase Cannot Force Noncustomers to Arbitrate Suit Alleging Violations of BSA/AML Duties

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Earlier this week, the Eleventh Circuit affirmed, in an unpublished opinion, that Coinbase Inc., an online platform used for buying, selling, transferring, and storing digital currency, could not compel arbitration on a...more

Cadwalader, Wickersham & Taft LLP

Marketplace Lending Update: Who’s My Lender?

Over the last several weeks, two notable cases in federal court challenging certain aspects of the business model of marketplace lending companies headed down separate paths. ...more

Skadden, Arps, Slate, Meagher & Flom LLP

Growing Acceptance of Arbitration in International Commercial Financial Transactions

Financial institutions have historically been skeptical about arbitration in the commercial context. As a result, the documentation used in commercial financial transactions has generally required that disputes be submitted...more

Cozen O'Connor

The State AG Report Weekly Update

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AG Elections- Democrat Renato Mariotti Declares Bid for Illinois Attorney General- Democrat Renato Mariotti, a cable news commentator and a former Assistant U.S. Attorney in the U.S. Attorney’s Office in Chicago,...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

Robins Kaplan LLP

Your Daily Dose of Financial News

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A Tuesday Times op-ed accuses Wall Street of “fleec[ing]” American pension plan, mutual fund, and insurance policy investors by routing orders to particular exchanges in return for “rebates”—fractions of cents for each trade...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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Vanguard CEO William McNabb announced plans yesterday to step down, a big announcement for the mutual fund giant that finds itself “in the middle of one of the biggest growth spurts ever experienced by a large asset...more

Ballard Spahr LLP

Director Cordray responds to Acting Comptroller’s arbitration rule letter raising safety and soundness concerns

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Director Corday has sent a letter to Keith Noreika, the Acting Comptroller of the Currency, responding to Mr. Noreika’s July 10 letter in which he stated that OCC staff had expressed safety and soundness concerns arising from...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

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