Last week, the Wall Street Journal reported that the CFPB is pushing to finalize its arbitration rule before Donald Trump’s inauguration as President on January 20. The comment period on the proposed rule closed on August...more
Musicians know they’ve created a hit when thirty-somethings have known all the song’s words since middle school. Likewise, most consumer finance lawyers recall verbatim Regulation Z’s guidance to lenders that, “The annual...more
On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute...more
The U.S. Chamber of Commerce’s Center for Capital Markets Competitiveness has sent a letter to Director Cordray suggesting a series of issues for Mr. Cordray to address in his prepared remarks at the CFPB’s field hearing on...more
The CFPB announced that it is holding a field hearing on May 5, 2016, in Albuquerque, New Mexico, on arbitration. Previously, CFPB field hearings have resulted in the announcement of proposed rules. We anticipate that this...more
The CFPB has announced that it will hold a field hearing in Albuquerque, New Mexico about arbitration on May 5, 2016. We expect the field hearing to coincide with the release of the CFPB’s proposed rule on the use of...more
The CFPB has now taken two more significant steps towards issuing a proposed arbitration rule. On October 20, 2015, the CFPB convened its Small Business Regulatory Enforcement Fairness Act (SBREFA) panel to review the...more
In a blog post earlier this week, Professor Jeff Sovern took issue with statements made by a legal expert that suggest an amendment to the Federal Arbitration Act would be necessary for the CFPB to ban class action waivers in...more
On October 7, the Consumer Financial Protection Bureau (CFPB) announced that it is considering two rulemaking proposals that would severely limit the use of pre-dispute arbitration clauses in consumer financial service...more
On October 7, 2015, the Consumer Financial Protection Bureau (“CFPB” or the “Bureau”) released an outline of proposals under consideration to ban class action waivers in contracts for consumer financial products and services....more