K&L Gates Triage: Reading the Fine Print: A Closer Look at the Proposed Regulation over Arbitration Clauses in Long-Term Care Resident Agreements
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
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
Earlier 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...more
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
Pursuant to FINRA Regulatory Notice 21-16 that was issued on April 21, 2021, FINRA has observed certain practices that could subject firms to disciplinary action concerning predispute arbitration provisions in customer...more
This past Friday, by a vote of 225-186, the House passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.” A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary...more
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
The CFPB has issued a small entity compliance guide for its arbitration rule. The rule became effective on September 18, and compliance with the rule is required with regard to pre-dispute arbitration agreements entered into...more
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
If you've ever read the fine print in your credit card agreement, there is a good chance it states you agree to arbitrate any claims and waive the right to bring a class action against the bank that issued it. Such class...more
Companies offering payment services or financial products to consumers are facing a proposed rule from the CFPB that would prohibit class action waivers in binding pre-dispute arbitration agreements. Although the information...more
When the Consumer Finance Protection Bureau (CFPB) released its study on the use of pre-dispute arbitration (PDA) clauses earlier this year, many expected the CFPB to propose a ban on all PDAs in contracts for consumer...more
Last week, the CFPB announced two proposals related to the inclusion clauses that require arbitration to resolve all future disputes (“pre-dispute arbitration agreements”) in consumer financial products. The first proposal...more