CFPB's Arbitration Ban Could Affect Insurance Products

Law360, New York (May 31, 2016, 11:58 AM EDT) -- On May 5, 2016, the Consumer Financial Protection Bureau published its 377 page anticipated proposed regulation, which would create new Part 1040 in Chapter Ten of Title 12 of the Code of Federal Regulations, regarding the use of mandatory predispute arbitration clauses in contracts for certain types of consumer financial products and services within the CFPB’s jurisdiction.[1] The proposed regulation, which is subject to a 90 day comment period, would ban the use of class action arbitration waivers, likely chilling the use of arbitration clauses in their entirety for these covered products and services and result in a bright new day...

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