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CFPB arbitration study to be completed this year

Posted in Arbitration

We have previously blogged about the ongoing arbitration study which the CFPB is conducting under Section 1028 of Dodd-Frank.

Yesterday, Will Wade-Gery (who is managing the study for the CFPB) spoke at the 19th Annual Consumer Financial Services Institute (which I co-chair) in Chicago. Mr Wade-Gery provided an update regarding the status of the study. He indicated that the Bureau is researching the following matters: (1) back-end outcomes of consumer financial services lawsuits in court (including class actions) and arbitrations; (2) transaction costs and consumer benefits of class actions; (3) impact on prices for goods and services of class actions and arbitrations; and (4) the relationship between private and public enforcement of consumer financial services laws. He also said that the study will be completed by the end of the year.