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Tag Archives: arbitration

Director Cordray responds to questions on proposed arbitration rule

Posted in Arbitration, CFPB Rulemaking

Director Cordray has sent a letter to Senator Jeff Flake responding to a series of questions posed by the Senator on the CFPB’s proposed arbitration rule.  The comment period on the proposed rule closed on August 22, 2016.  Senator Flake posed his questions on August 19, 2016, but Director Cordray did not respond until January… More >

Non-profit group files FOIA action against CFPB for access to arbitration rule records

Posted in Arbitration

The Cause of Action Institute has filed an action against the CFPB under the Freedom of Information Act (FOIA) seeking information related to the CFPB’s proposed arbitration rule.  In its complaint filed in D.C. federal district court, the Institute described itself as “a non-profit strategic oversight group committed to ensuring that government decision-making is open,… More >

CFPB Fall 2016 rulemaking agenda published

Posted in Arbitration, CFPB Supervision, Mortgages, Overdrafts, Payday Lending

The CFPB’s Fall 2016 rulemaking agenda has been published as part of the Fall 2016 Unified Agenda of Federal Regulatory and Deregulatory Actions.  The preamble indicates that the information in the agenda is current as of October 19, 2016.  Accordingly, given the results of the Presidential election, including its potential impact on the CFPB’s leadership,… More >

CFPB’s proposed arbitration rule benefits class action lawyers at consumer’s expense

Posted in Arbitration

The CFPB’s proposed arbitration rule is the subject of an article written by Ballard Spahr partners Alan Kaplinsky and Mark Levin for the Washington Legal Foundation. Entitled “CFPB’s Proposed Arbitration Rule Benefits Class-Action Lawyers at the Expense of Consumers,” the article focuses on the proposal’s financial impacts.  The article explains why the proposal would inflict… More >

Bi-partisan Congressmen seek arbitration safe harbor allowing class action waivers

Posted in Arbitration

Republican Congressman Randy Neugebauer, who chairs the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit, and Democratic Congressman W. Lacy Clay, the Subcommittee’s Ranking Member, have sent a letter to Director Cordray asking the CFPB “to consider providing a safe harbor in any final rule that will preserve the use of arbitration… More >

Trade groups comment on CFPB arbitration proposal

Posted in Arbitration

The American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable (Associations) have filed a joint letter commenting on the CFPB’s proposed rule regulating consumer arbitration agreements in financial services contracts. Ballard Spahr served as counsel to the Associations in preparing the comment letter.  The firm also served as counsel to the Associations… More >

Pew’s issue brief in support of the CFPB’s proposed arbitration rule: a flawed presentation

Posted in Arbitration

The Pew Charitable Trusts has released an issue brief, “Consumers Want the Right to Resolve Bank Disputes in Court,” in which it urges the CFPB to “expeditiously finalize” its proposed arbitration rule.  The CFPB’s proposal would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides… More >

House defeats amendment to 2017 appropriations bill striking requirements for CFPB arbitration rule

Posted in Arbitration

By a vote of 236-181, the House of Representatives rejected an amendment offered by two Democratic Congressman to H.R. 5485, the Financial Services and General Government Appropriations Act, which covers appropriations for the fiscal year ending September 30, 2017.  (The bill was approved by the full House last month by a vote of 239-185.)  The… More >

Democratic lawmakers urge adoption of CFPB arbitration proposal

Posted in Arbitration

A total of 102 Democratic lawmakers, consisting of 37 Democratic Senators joined by Independent Senator Bernie Sanders and 65 House members, have signed on to letters sent to Director Cordray expressing support for the CFPB’s proposed arbitration rule.  The proposal would prohibit covered providers of certain consumer financial products and services from using an agreement with a… More >

ABA to sponsor July 20 program on CFPB arbitration proposal

Posted in Arbitration

On July 20, 2016, from 11:00 AM – 12:00 PM ET, the American Bar Association is sponsoring a program, “CFPB’s Proposed Arbitration Ban — What You Need To Know.”   The panelists will discuss the pros and cons of the CFPB’s arbitration proposal and its implications for industry.  Alan S. Kaplinsky, who chairs Ballard Spahr’s Consumer… More >

House approves FY 2017 appropriations bill containing curbs on CFPB authority

Posted in Arbitration

By a vote of 239-185, the House of Representatives has approved a fiscal year 2017 appropriations bill that contains various provisions intended to curb the CFPB’s authority.  Those provisions would fund the CFPB through the annual congressional appropriations process rather than through transfers from the Federal Reserve as currently provided by Dodd-Frank and change the… More >

House appropriations bill amendment would delay enforcement of CFPB payday loan rule

Posted in Auto Title Loans, Payday Lending

The House Appropriations Committee has approved by a vote of 30-17 the FY17 Financial Services and General Government Appropriations bill.  The Committee also adopted a bipartisan amendment to the bill that would block the CFPB from finalizing or enforcing a rule regulating payday lending until the CFPB submits a detailed report on the consumer impact… More >

House FY 2017 appropriations bill would curb CFPB authority, require another arbitration study

Posted in Arbitration, CFPB General

The fiscal year 2017 appropriations bill approved last week by the House Financial Services and General Government Appropriations Subcommittee of the House Appropriations Committee includes the following provisions intended to curb the CFPB’s authority: A provision under which, effective October 1, 2017,  the CFPB would be funded pursuant to the annual congressional appropriations process rather… More >

Comment period on CFPB proposed arbitration rule ends August 22

Posted in Arbitration

With the publication of the CFPB’s proposed arbitration rule in today’s Federal Register, the 90-day comment period is now running.  Comments on the proposal must be received on or before Monday, August 22, 2016. The proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides… More >

CFPB releases Spring 2016 rulemaking agenda

Posted in Arbitration, Mortgages, Overdrafts, Payday Lending, Prepaid Cards, Small Business

The CFPB has released its Spring 2016 rulemaking agenda.  The agenda sets the following timetables for key rulemaking initiatives:  Arbitration.  The Spring 2016 agenda does not reflect the CFPB’s release of its proposed arbitration rule on May 5, 2016, stating only that the CFPB “is preparing to issue a Notice of Proposed Rulemaking this spring.” … More >

High Praise for WSJ Editorial, with a Small Caveat

Posted in Arbitration

A recent editorial in the Wall Street Journal is a “must read” for those who will be affected if the CFPB’s May 5, 2016 proposed rule banning class action waivers in consumer financial services arbitration agreements becomes final. The editorial predicts that the proposed rule will encourage more class actions to be filed against financial… More >

House Financial Services Committee Scrutinizes Basis of Proposed CFPB Arbitration Rule

Posted in Arbitration, CFPB Rulemaking

On Wednesday May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit held a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” The Committee questioned the panel members on whether the CFPB’s proposed rule meets the mandate… More >

Our thoughts on “Ask CFPB”

Posted in CFPB General

In a new blog post, the CFPB promotes its “Ask CFPB” website feature as “a source of clear, impartial answers to hundreds of financial questions.” We agree that the feature can be a source of potentially helpful information for consumers on a wide range of topics such as bank accounts, credit reports and scores, debt… More >

House to hold May 18 hearing on CFPB’s proposed arbitration rule

Posted in Arbitration

On May 18, 2016, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Examining the CFPB’s Proposed Rulemaking on Arbitration: Is it in the Public Interest and for the Protection of Consumers?” On May 5, 2016, the CFPB issued a proposed rule that would prohibit covered providers… More >

House Financial Services Committee investigating CFPB arbitration rulemaking

Posted in Arbitration

On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute arbitration agreements in contracts for consumer financial products and services.”  Now that the CFPB has formally released its proposed arbitration rule banning the… More >

CFPB issues proposed rule to prohibit class action waivers in consumer arbitration agreements

Posted in Arbitration

As widely anticipated, the CFPB announced at its field hearing today in Albuquerque, New Mexico that it is proposing regulations that would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing… More >