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Tag Archives: arbitration

CFPB Publishes Final Arbitration Rule in Federal Register

By James McGuire and Nancy Thomas on Posted in Arbitration, CFPB, Regulatory Developments

A mere nine days after releasing its Final Rule regarding arbitration to the public, the CFPB has published the Final Rule in the Federal Register. This is significant because publication in the Federal Register triggers the countdown to the Final Rule’s effective date (60 days after publication) and ultimately its application to new agreements (180 days… Read More

Financial Services Report – Winter 2016

By MoFoReEnforcement on Posted in Arbitration, Auto Lending, CFPB, Credit Cards, Disparate Impact, Electronic Payments, Enforcement Actions, Fair Lending, Foreclosure, Military Issues, Mobile Payments, Mortgage, Payday Lending, Preemption, Privacy, Regulatory Developments, State Regulators, UDAAP

Hope you survived all of those awkward Thanksgiving holiday conversations—amazing how divided people are on whether the court got it right in the PHH case, isn’t it? So on we go into the holiday season, while visions of Dodd-Frank repeal dance in our heads. No long winter’s nap for the CFPB, not with the inauguration… Read More

Comment Clock on Proposed Arbitration Rule Is Ticking

By MoFoReEnforcement on Posted in Arbitration, CFPB

The CFPB’s proposed rule on arbitration agreements in consumer financial product and services contracts was published in the Federal Register today.  That means the 90-day comment period has started to run. Interested entities will have until August 22, 2016 to submit comments to the CFPB. For more information about the proposed rule, see our client… Read More

The Time Has Come: The CFPB Issues its Proposed Arbitration Rule

By Nancy Thomas and Natalie Fleming Nolen on Posted in Arbitration, CFPB, Regulatory Developments

As widely anticipated, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking seeking comments on proposed regulations that would: 1) bar class action waivers; and 2) impose reporting requirements for individual arbitrations pursued pursuant to pre-dispute arbitration agreements (“Proposed Rule”). The Proposed Rule is accompanied by over 350 pages of Supplementary Information… Read More

Time to Comment: The Proposed Arbitration Rule Has Arrived

By MoFoReEnforcement on Posted in Arbitration, CFPB, Regulatory Developments

Surprising no one, the CFPB has announced a proposed rule that would effectively ban mandatory arbitration clauses in covered consumer financial services contracts.  The rule continues to ignore the legislative and judicial findings embodied in the Federal Arbitration Act and the cases interpreting it, the well-documented abuses associated with class action litigation, and the methodological… Read More

CFPB’s Two-Year Policy Priorities

By Ashley Hutto-Schultz on Posted in Arbitration, Auto Lending, CFPB, Mortgage, Student Lending

On Thursday, February 25, 2016, the CFPB held a Consumer Advisory Board meeting in which it outlined its forward-looking supervision and enforcement priorities. After the Board meeting, the CFPB published a summary of these priorities that promises the following, among other things, during the next two years: Rulemakings related to arbitration and debt collection; Rigorous… Read More

#ThrowbackThursday: Consumer Arbitration Update

By MoFoReEnforcement on Posted in Arbitration, State Regulators

In July 2005, Morrison & Foerster published the client alert “Consumer Arbitration Update.” Summary: A case decided by the California Supreme Court may have marked the end of the use of arbitration as a means of dispute resolution for companies that do business with consumers using standard form contracts.  Now, a company that uses consumer… Read More

CFPB Publishes Semi-Annual Rulemaking Agenda

By Don Lampe and Ryan Richardson on Posted in Arbitration, Auto Lending, CFPB, Credit Reports, Mortgage, Payday Lending, Regulatory Developments, Student Lending

Just in time for the holidays, the CFPB released its Fall 2015 rulemaking agenda on Friday, November 20. The agenda does not include any major surprises, but it does slightly revise the projected timeline for several highly anticipated rulemaking activities. This alert lays out the highlights to consider between doses of turkey, football, and family…. Read More

CFPB Announces Intent to Commence Arbitration Rulemaking

By James McGuire and Nancy Thomas on Posted in Arbitration, CFPB, Regulatory Developments

On October 7, the CFPB announced that it is considering two rulemaking proposals that would severely limit the use of pre-dispute arbitration clauses in consumer financial service contacts. Ignoring the well-documented problems and abuses associated with class action litigation, the Bureau has concluded that because class actions effect a greater aggregate transfer of wealth from… Read More

No Surprise Here—CFPB Proposes to Significantly Curtail Arbitration Agreements

By Nancy Thomas and James McGuire on Posted in Arbitration, CFPB

Today, the CFPB announced its proposals regarding arbitration agreements in consumer financial product contracts. In a move that has plaintiffs’ class action lawyers cheering, the CFPB proposes to require litigation of class claims in court. The CFPB will not ban arbitration of individual actions—at least not yet. Instead, it proposes to require companies to submit… Read More

WEBINAR: The Other Shoe Has Dropped: CFPB Releases Report on Arbitration

By MoFoReEnforcement on Posted in Arbitration, CFPB, Events

Wednesday, September 30, 2015 1:00 p.m. – 2:00 p.m. EDT Join Morrison & Foerster Partners James McGuire and Nancy Thomas as they speak on the Bloomberg BNA Webinar, “The Other Shoe Has Dropped: CFPB Releases Report on Arbitration.” Program Description: Over the summer, the CFPB released its long awaited Report to Congress on arbitration agreements… Read More

The Other Shoe Has Dropped: CFPB Releases Report on Arbitration

By James McGuire and Nancy Thomas on Posted in Arbitration, CFPB

The Consumer Financial Protection Bureau (CFPB) recently released its long awaited Report to Congress on arbitration agreements in consumer financial contracts. The Report’s conclusion, and Director Richard Cordray’s remarks, were as expected: consumers are better served by litigation—and particularly, class action litigation—than by agreements to arbitrate disputes. But after spending almost three years analyzing the… Read More