Popular, Consumer Contracts, Consumer Financial Protection Bureau (CFPB)

Navigating the New Consumer Financial Services Landscape: Enforcement, Compliance, and Litigation Risks

Venable LLP on 3/13/2025

Financial services companies may feel relief from the aggressive federal oversight and regulation that defined the past decade. However, regulatory risk has not disappeared—it has shifted. ...more

Trump Blocks CFPB Arbitration Rule, but the Story’s Not Over Yet

Polsinelli on 11/28/2017

President Donald Trump effectively stopped the Consumer Financial Protection Bureau’s (CFPB) so-called “arbitration rule,” signing legislation repealing the rule on Nov. 1. The rule would have prohibited providers of certain...more

Consumer Data Breach: Equifax and Arbitration

Troutman Pepper Locke on 10/27/2017

The latest large consumer data breach, this time involving Equifax, has also shed a sharp light on an ongoing controversy about consumers’ access to justice. In taking steps to ameliorate its PR crisis, Equifax found itself...more

Senate Strikes Down CFPB Arbitration Rule

Troutman Pepper Locke on 10/26/2017

The short-lived rule will likely be remembered as part of the Trump Administration’s dismantling of the Obama Administration’s legacy, and as continuing the trend of courts strictly enforcing agreements to arbitrate as...more

Congress Overrides CFPB Arbitration Rule

Ballard Spahr LLP on 10/25/2017

We are pleased to report that the U.S. Senate voted last night, 51 to 50, to override the Consumer Financial Protection Bureau's final arbitration rule. The rule would have prohibited the use of class action waivers in...more

Noreika-Cordray Dispute Escalates as Senate Nears Vote on CFPB Arbitration Rule

Ballard Spahr LLP on 10/18/2017

Since last summer, Acting U.S. Comptroller of the Currency Keith A. Noreika and CFPB Director Richard Cordray have exchanged polar-opposite views on whether the CFPB’s final arbitration rule should be repealed....more

In A Stunning Rebuke To CFPB, OCC Finds Arbitration Rule Will Significantly Increase Cost Of Consumer Credit

Ballard Spahr LLP on 10/2/2017

In a September 20 report, the Office of the Comptroller of the Currency (OCC) seriously undermined the integrity and completeness of the CFPB’s empirical study of consumer arbitration that purports to be the foundation for...more

Protection of servicemembers, Equifax data breach provide mistaken justifications for CFPB arbitration rule

Ballard Spahr LLP on 9/19/2017

In a mistaken attempt to justify the CFPB’s arbitration rule, supporters are pointing to the need to protect the rights of military servicemembers and the recent Equifax data breach. On September 20, Democratic Senator Jack...more

Revisiting the Enforceability of Class Action Waivers in Consumer Financial Contracts

BakerHostetler on 7/20/2017

On July 19, 2017, the Consumer Financial Protection Bureau (CFPB) published the final Arbitration Agreements Rule (the rule) that would impact the way claims involving consumer financial products and services are handled in...more

CFPB issues Fall 2016 Supervisory Highlights

Ballard Spahr LLP on 11/7/2016

In its Fall 2016 Supervisory Highlights, which covers supervision work generally completed between May and August 2016, the CFPB highlights violations found by its examiners involving origination and servicing of auto...more

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