CFPB Proposal Could Snuff Out Arbitration Even Without Ban
Law360, New York (May 2, 2016, 8:19 PM EDT) -- The Consumer Financial Protection Bureau is not expected to outright ban arbitration requirements in consumer finance contracts when it releases a hotly anticipated proposal later this week, but the watchdog's actions could ultimately have that effect, experts say.
At a hearing Thursday in Albuquerque, New Mexico, the CFPB is anticipated to release a proposed rule that would bar banks and other firms from including class action bans in their contracts, but would stop short of banning the practice of forcing consumers to arbitrate disputes over credit cards, bank accounts and other types of financial products.
Even so, firms would likely respond...
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