Industry Gears Up To Battle CFPB Arbitration Rule

Law360, New York (August 19, 2016, 8:32 PM EDT) -- The Consumer Financial Protection Bureau has faced several high-profile fights, but the coming battle over rules restricting mandatory arbitration clauses may be among the biggest, as banks and financial firms, consumer advocates and lawmakers gear up for a struggle that could make its way to the courts.

The comment period on the CFPB’s proposal, which would stop firms from placing class action bans on financial contracts while allowing for the use of consumer arbitration for individual cases, closes Monday, the next step in the rule coming into force. The sheer volume of comments the bureau has received shows just how much...

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