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The Cfpb Anti-Arbitration Proposal: Let’S Just Give Arbitration A Chance, Ramona L. Lampley
The Cfpb Anti-Arbitration Proposal: Let’S Just Give Arbitration A Chance, Ramona L. Lampley
Faculty Articles
In October 2015, the Consumer Financial Protection Bureau (“CFPB”) announced that it would propose a rule banning class action waivers in arbitration agreements for consumer financial services products. This proclamation came to fruition in May 2016 when the CFPB proposed 12 C.F.R. part 1040 and sought public comment on the proposed rule. The CFPB claims that the class-waiver, often imbedded in consumer arbitration agreements, gives companies a “free pass from being held accountable by their customers[,]” comparing it to the relief a consumer can obtain as being part of a class action. At the same time, the CFPB proposed reporting …