Case Detail

In re: CFPB Rule on Arbitration Agreements
(Regulatory Proceeding)
On August 22, 2016, WLF responded to the Consumer Federal Protection Bureaus (CFPB) proposed rule that would govern two aspects of consumer finance dispute resolution. WLFs comments focus on the severe limitations that the rule would impose on the rights of private parties to enter into binding arbitration contracts. The rule is based on CFPBs study that Congress asked for in the Dodd-Frank Act and reasoned that encouraging more class actions advances the public interest because increased (and more expensive) litigation will deter violations of the law by causing providers of financial products or services to devote more resources to ensuring that they fully comply with federal and state laws governing their products or services. In its comments, WLF requests that CFPB withdraw its Proposed Rule and not propose a new one in the absence of a new study demonstrating that a ban on mandatory arbitration agreements is in the public interest and for the protection of consumers.
Case Status:
Final rule released 7/10/2017
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