Last week at a field hearing in Albuquerque, New Mexico, the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that would prohibit providers of certain consumer financial products and services from including arbitration provisions in consumer contracts that bar the consumer from filing or participating in a class action with respect to the product… Continue Reading
In testimony before the Senate Committee on Banking, Housing & Urban Affairs on July 15, CFPB Director Richard Cordray affirmed the Bureau’s intention to proceed with rulemaking governing arbitration clauses in consumer financial products. Cordray’s comments came in response to questioning from committee member Sherrod Brown, who asked about the CFPB’s implementation of suggestions made… Continue Reading
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