Forced Arbitration

Big Banks will fight CFPB rules on class action waivers

The financial services industry is already opposing the Consumer Financial Protection Bureau’s moves to restrict arbitration clauses on credit card, bank account and other contracts, and could challenge in court any final rules using recent U.S. Supreme Court rulings and even the Dodd-Frank Act itself against the bureau.

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Consumer Finance Protection Bureau issues report on mandatory arbitration and class action waivers

Yesterday, following three years of intense research, empirical studies, and analysis, following dozens of submissions by a wide range of stakeholders including thousands of pages, the Consumer Finance Protection Bureau issued its Final Report, mandated by Congress in the Dodd-Frank Act, as to the effects of mandatory arbitration/class action waivers. From the CFPB press release:

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