CBA in the News

Press Contact

Bobby Grant
bgrant@consumerbankers.com
202-552-6365
  • July 24, 2017
    Banks, consumers and their allies joined the battle over a CFPB rule on class action lawsuits as the House plans a vote Tuesday on overturning the regulation. Conservative groups sought to unify the Republican base against the rule, sending a letter to House and Senate leaders. "Failure to reverse this regulation will result in an avalanche of class-action lawsuits that will hurt jobs and do...
  • July 20, 2017
    The Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau are engaging in a high-stakes battle over the latter agency's effort to rein in mandatory arbitration clauses, in a rare public spat between federal regulators. Acting Comptroller Keith Noreika provoked the fight by publicly criticizing the CFPB's final arbitration rule, requesting that it delay its...
  • July 20, 2017
    Republican lawmakers are moving ahead to undo a rule that would make it easier for Americans to sue their banks and credit card companies. Senate and House lawmakers on Thursday separately unveiled bills that each proposes to overturn a recent rule by the Consumer Financial Protection Bureau , which blocks companies from using arbitration clauses to stop consumers from bringing class action...
  • July 13, 2017
    CARY, N.C. - Clearly the industry is “disappointed” that the Consumer Financial Protection Bureau earlier this week issued a final rule prohibiting the use of class action waivers in arbitration clauses. The American Financial Services Association, the National Independent Automobile Dealers Association and the American Bankers Association all used that specific adjective when relaying their...
  • July 13, 2017
    Yesterday, the Consumer Financial Protection Bureau (CFPB) issued its long-anticipated final rule on arbitration clauses in contracts governing consumer financial products and services. While the CFPB is not banning arbitration clauses outright, the new rule would prevent the use of arbitration provisions to block class action lawsuits. The rule is set to go into effect in eight months, but a...
  • July 13, 2017
    The Consumer Financial Protection Bureau's arbitration rule , issued Monday, could put dealerships and auto lenders at risk for class-action lawsuits. But some experts questioned whether the rule will ever take effect, while various industry associations quickly issued statements denouncing the rule. The rule prohibits banks and other financial services companies from including mandatory...
  • July 12, 2017
    The lucrative and costly business of class-action lawsuits has been turned upside down by a new federal rule. And the fight to save or kill it has just begun. After years of review on the subject, the Consumer Financial Protection Bureau, an independent federal watchdog agency, declared a new rule Monday that bans banks, credit card companies, payday lenders and other financial firms from...
  • July 12, 2017
    Consumers can now sue banks in class-action lawsuits. The Consumer Financial Protection Bureau said Monday financial companies will no longer be allowed to force customers to use arbitration to settle group disputes, restricting the industry's favored legal tool after years of review. Currently, credit card and bank companies often insert arbitration clauses in their contracts to prevent...
  • July 12, 2017
    In a much-anticipated move, the Consumer Financial Protection Bureau finalized its long-pending arbitration rule. Reaction from Capitol Hill, consumer groups, and banking associations followed expected lines, from cheers to jeers, depending on the source. The rule will not affect the use of mandatory arbitration clauses in existing consumer agreements of the types it covers and won’t have a...
  • July 12, 2017
    A decision by the Consumer Financial Protection Bureau that financial companies may not require consumers to resolve disputes in arbitration, rather than in class action lawsuits, prompted strong criticism from industry groups, while consumer advocates cheered the new rule. A move by the Consumer Financial Protection Bureau to ban mandatory arbitration in consumer contracts with financial...

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