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Trade groups comment on CFPB arbitration study

Posted in Arbitration

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable have filed a joint comment letter responding to the CFPB’s Request for Information Regarding Scope, Methods, and Data Sources for Conducting Study of Pre-Dispute Arbitration Agreements.  Ballard Spahr served as counsel to the trade groups in preparing the comment letter. 

The Dodd-Frank Act requires the CFPB to conduct a study of the use of arbitration in consumer financial services agreements and authorizes the CFPB to limit or prohibit the use of arbitration based on the CFPB’s findings.  The CFPB ‘s request for information posed a series of questions on four main topics dealing with the scope, methodology, and data sources of the study.  We prepared a legal alert that provides more details on the CFPB’s request.