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Consumer Lenders › Consumer Financial Contracts › Arbitration

Hudson Cook, LLP

Not All Third Parties Are Created Equal

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Motor vehicle purchase and finance transactions are rarely simple, even if they're routine from the perspective of the businesses involved. The typical motor vehicle retail installment transaction features the buyer, the...more

Goodwin

U.S. Chamber of Commerce Challenges CFPB Rule Immunizing Class Actions from Arbitration Clauses

Goodwin on

On September 29, 2017, the United States Chamber of Commerce and various business and financial services groups (collectively, Plaintiffs) filed a complaint for declaratory and injunctive relief in the United States District...more

Goodwin

Republicans File Congressional Review Act Challenge to CFPB’s Arbitration Rule

Goodwin on

As LenderLaw Watch previously reported, on July 10, 2017 the Consumer Financial Protection Bureau (CFPB) released its Arbitration Rule, which blocks the use of mandatory arbitration clauses in consumer financial products and...more

Parker Poe Adams & Bernstein LLP

CFPB’s New Arbitration Rule and How It’ll Likely Be Challenged

Parker Poe Adams & Bernstein LLP on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) announced a new rule that may have significant ramifications for the financial industry. The rule aims to stop a now common feature in financial services...more

BCLP

New CFPB Rule Prohibits Class Action Waivers

BCLP on

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) released a rule prohibiting class action waivers in certain pre-dispute arbitration agreements. The rule drastically impacts arbitration clauses currently used...more

Katten Muchin Rosenman LLP

CFPB Arbitration Rule Summary: Class Action Waivers Prohibited in Broad Range of Consumer Credit Transactions

Katten Muchin Rosenman LLP on

On July 10, the Consumer Financial Protection Bureau (CFPB) issued its Final Arbitration Rule. While the CFPB's Final Rule publication weighs in at 775 pages, the rule itself occupies only 11 pages, and the Official...more

Goodwin

Class-Action Waivers on the CFPB Chopping Block

Goodwin on

Earlier this month, the CFPB announced that it may propose rules designed to curtail or eliminate class-action waivers from arbitration clauses. Arbitration clauses appear in most financial-services contracts to provide both...more

Ballard Spahr LLP

Lawmakers urge CFPB to reopen arbitration study

Ballard Spahr LLP on

A group of more than 80 House and Senate Republicans have sent a letter to Director Cordray asking the CFPB to reopen its arbitration study. The CFPB released the final results of its empirical study of consumer arbitration...more

Ballard Spahr LLP

58 members of Congress urge CFPB to ban consumer arbitration

Ballard Spahr LLP on

Senator Al Franken and 57 other members of Congress signed a letter sent to Director Cordray last week urging the CFPB “to move forward quickly to use its authority under the Dodd-Frank Act to issue strong rules to prohibit...more

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