Analysis

CFPB Rule Opens Door To Total Ban On Arbitration Clauses

Law360, New York (July 12, 2017, 8:52 PM EDT) -- The Consumer Financial Protection Bureau’s recent rule-making eliminating class action bans in mandatory arbitration agreements also includes a provision that could give the bureau the raw data it was previously unable to gather to ban arbitration clauses altogether, experts say.

Along with the class action portion of the rule, the CFPB will require banks and other consumer financial services providers to hand over all documents related to individual arbitrations they enter into. Those documents would then be posted on the agency’s website with identifying information redacted....
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