Monday, July 10, 2017

CFPB Issues Rule on Arbitration Agreements

Today the Consumer Financial Protection Board issued its final rule on arbitration agreements. Here’s the full 775-page document (the text of the regulation itself begins at p.747).

From the summary:

First, the final rule prohibits 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 or participating in a class action concerning the covered consumer financial product or service. Second, the final rule requires covered providers that are involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau and also to submit specified court records. The Bureau is also adopting official interpretations to the regulation.

 

 

 

 

 

 

http://lawprofessors.typepad.com/civpro/2017/07/cfpb-issues-rule-on-arbitration.html

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