By Evan Weinberger (May 5, 2016, 6:30 PM EDT) -- The Consumer Financial Protection Bureau faces a pitched battle over its proposed rule that would bar banks and other firms from including class action bans in arbitration clauses, and the outcome will pivot on the data and assumptions the bureau used to develop the regulation.
The CFPB on Thursday unveiled its long-awaited proposal on mandatory arbitration clauses in consumer financial contracts. Rather than banning those clauses outright, the consumer watchdog agency elected to move on bans involving class action lawsuits. The industry says that allowing class actions would effectively end the use of arbitration for credit cards, payday loans and other...
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