CFPB's Proposed Arbitration Ban -- What You Need To Know
11 AM EDT
The CFPB recently proposed rules prohibiting mandatory arbitration clauses in contracts for consumer financial products and services. The rules are expected to take effect next year following a 90-day public comment period which ends on August 22, 2016. Proponents of the rules argue that arbitration clauses prevent aggrieved consumers from obtaining relief particularly since they foreclose the right to file or join class actions. Defenders of mandatory arbitration clauses assert that they provide faster, better, and more cost-effective means of addressing consumer disputes and the CFPB’s proposed rules will increase the cost of financial services benefiting trial attorneys more than consumers. Panelists will discuss the pros and cons of the CFPB proposal and the implications for the use of arbitration clauses in other industries.
* Svetlana Gans, Federal Trade Commission
* F. Paul Bland, Jr., Public Justice
* George R. Calhoun, Ifrah Law
* Alan S. Kaplinsky, Ballard Spahr LLP
* Lawrence Lee, Consumer Financial Protection Bureau
* Honorable Judge Berle M. Schiller, Senior US District Judge for the Eastern District of Pennsylvania
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