CFPB Monitor News Guidance Perspectives of CFPB | Ballard Spahr Law Firm Blog

Category Archives: Arbitration

Subscribe to Arbitration RSS Feed

Further Thoughts on the St. John’s Consumer Arbitration Study

Posted in Arbitration

Jeff Sovern, through his Consumer Law & Policy Blog, recently responded to our criticism that the St. John’s study didn’t include arbitration provisions with opt-out features. Jeff makes the point that since consumers don’t understand the significance of arbitration provisions, they would not understand what they are opting out of. While we (and the more… More >

Some thoughts on the St. John’s School of Law’s analysis of consumer understanding of arbitration agreements

Posted in Arbitration

Following on the heels of the Pew Foundation’s survey of consumer attitudes towards arbitration and the CFPB’s on-going empirical study of consumer arbitration, a group of professors from St. John’s University School of Law recently conducted an empirical study purporting to explore the extent to which consumers are aware of and understand the effect of… More >

OMB gives go-ahead to CFPB telephone survey of consumers for arbitration study

Posted in Arbitration

Over the vigorous objections of industry trade groups, on September 4, 2014, the Office of Management and Budget (OMB) approved the CFPB’s request to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory pre-dispute arbitration agreements in connection with consumer financial products and services…. More >

Industry trade groups urge OMB not to approve CFPB arbitration telephone survey

Posted in Arbitration

Three prominent industry trade groups are urging the Office of Management and Budget (OMB) not to approve the CFPB’s proposal to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  After… More >

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…. More >

CFPB official confirms larger participant rule for auto finance coming soon

Posted in Arbitration, Auto Finance, CFPB Exams

Today is the final day of CBA Live 2014, which is being held at the Gaylord Hotel in National Harbor, MD.  I spoke at a program yesterday about the CFPB’s ongoing arbitration study under Section 1028 of Dodd-Frank.  Based on the CFPB’s December 12, 2013 partial release of data, I have predicted that the CFPB will, at a minimum,… More >

CA federal court rejects challenge to CFPB’s constitutionality

Posted in Arbitration, CFPB General

The California federal district court hearing the CFPB’s enforcement action against Morgan Drexen has rejected Morgan Drexen’s challenge to the CFPB’s constitutionality.  Although similar challenges have been made in other cases, this appears to be the first decision to rule on the merits of such a challenge.  The CFPB’s enforcement action followed the filing of… More >

Preliminary arbitration study results: is the Bureau keeping an open mind?

Posted in Arbitration

Following up on our earlier post, we have now had a chance to review the CFPB’s 168-page report containing some preliminary results of its consumer arbitration study.  Our responses to some of the Bureau’s specific findings can be accessed here.  While we are encouraged that the Bureau recognizes the importance of studying the relative benefits… More >

CFPB releases preliminary results of arbitration study

Posted in Arbitration

Earlier today, the CFPB released the preliminary results of its study of consumer arbitration.  The study is mandated by Section 1028 of the Dodd-Frank Act.  We are reviewing the 168-page report and will share our reactions in a legal alert that will be available on the blog. Follow Alan on Twitter at @AlanKaplinsky  

CFPB to hold December 12 field hearing on arbitration

Posted in Arbitration

The CFPB announced today that it will be holding a field hearing on arbitration on December 12, 2013 at 11 a.m. CST in Dallas, Texas.  The hearing will feature remarks from Director Cordray and testimony from consumer groups, industry representatives, and members of the public.  Consistent with its typical practice, the CFPB may use the… More >

FTC files amicus challenging arbitration provision

Posted in Arbitration

As industry and consumers await the results of the CFPB’s arbitration study, the FTC became the latest federal agency to weigh in on consumer arbitration issues.  Recently, at the invitation of the Seventh Circuit, the FTC filed an amicus brief supporting a class action lawsuit brought by consumers challenging a tribal payday lender’s practice of… More >

Director Cordray gives wide-ranging testimony to House Financial Services Committee

Posted in Arbitration, CFPB Enforcement, CFPB General, CFPB Rulemaking, Credit Reports

Although the House Financial Service Committee’s hearing last Thursday was entitled “The Semi-Annual Report of the Consumer Financial Protection Bureau,” the contents of the report received little mention from committee members.  Instead, committee members questioned Director Cordray, the sole hearing witness, on a wide range of topics.  Highlights include the following: The CFPB’s data collection… More >

Prominent industry trade groups nix CFPB’s proposed telephone survey of consumers

Posted in Arbitration

As part of its on-going study of consumer arbitration mandated by the Dodd-Frank Act, the CFPB announced on June 7, 2013 that it is seeking funding from the Office of Management and Budget to undertake a telephone survey of 1,000 credit card holders to ascertain their awareness of and perceptions regarding the arbitration provisions in… More >

Supreme Court arbitration decision raises stakes for CFPB arbitration study

Posted in Arbitration

Last week, in its decision in American Express Co. v. Italian Colors Restaurants, the U.S. Supreme Court delivered a knock-out punch to the last major court challenge to the use of class action waivers in consumer arbitration agreements.  The court rejected the plaintiffs’ attempt to create a “vindication of federal statutory rights” exception to the landmark… More >

CFPB supporting documentation for arbitration study telephone survey includes justification and proposed questions

Posted in Arbitration

As we reported, the CFPB has asked the Office of Management and Budget to approve the Bureau’s plans to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  It is also… More >

CFPB seeking approval to conduct telephone survey of credit card holders for arbitration study

Posted in Arbitration

The CFPB is seeking approval from the Office of Management and Budget to conduct a national telephone survey of 1,000 credit card holders as part of its study of the use of mandatory arbitration agreements in connection with the offering of consumer financial products and services.  The survey is the subject of a notice scheduled to… More >

Director Cordray’s appearance at Senate Banking Committee hearing yields arbitration news

Posted in Arbitration, CFPB General

The only new item of information revealed by Director Cordray during his appearance yesterday before the Senate Banking Committee hearing (in response to a question from Senator Elizabeth Warren) was that he feels “quite sure” that  at least “some” of the results of the CFPB’s study of consumer arbitration will be publicly released this year…. More >

CFPB responds to arbitration study inquiry from Republican House members

Posted in Arbitration

Last April, the CFPB announced that it was beginning its study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act.  Last week, nearly a year after that announcement, David Silberman, the CFPB’s Associate Director for Research, Markets, and Regulations, sent a letter to four Republican House members responding to their letter inquiring about the… More >

U.S. government takes position on validity of class action waivers in arbitration agreements with CFPB on sidelines (for now)

Posted in Arbitration

On January 30, the United States filed an amicus brief in the U.S. Supreme Court supporting the Respondents in American Express Company v. Italian Colors Restaurant, No. 12-133, an extremely important case involving the Federal Arbitration Act (FAA).  As described in more detail in our legal alert issued soon after the Supreme Court agreed to… More >