The CFPB Begins Arbitration Rulemaking
August 12, 2015
The use of consumer arbitration clauses with class action waivers may have received the U.S. Supreme Court's endorsement, but not the CFPB's. In March, the CFPB issued its long-awaited empirical Study of consumer arbitration agreements, and it just announced that it will begin rulemaking. Under the Dodd-Frank Act, any such regulation must be consistent with the findings in the Study, but the Study actually show that arbitration benefits consumers. Will the CFPB succeed in regulating consumer arbitration? Both existing and prospective users of consumer arbitration agreements need to know what the CFPB has done and what it is about to do.
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