Arbitration Rule Repeal Will Adversely Affect Consumers

By Gregory Asciolla and Brian Morrison (November 2, 2017, 3:16 PM EDT) -- On Nov. 1, 2017, President Donald Trump signed a congressional resolution repealing the Consumer Financial Protection Bureau's recent rule that would have barred financial firms from forcing customers into private, binding arbitration on an individual, nonclass basis. This decision represents a decisive blow to the American public's access to the justice system. These efforts will harm millions of individuals by preventing them from accessing state or federal courts even in the face of clear corporate misconduct. Enormous financial institutions like Wells Fargo and Equifax, who have all but admitted to fraud or other unlawful acts in recent months, will continue to bury arbitration clauses in lengthy, confusing contracts without needing to worry about being subjected to substantial damage claims from class actions brought in the courts. Instead, customers will be required to decipher complicated legal requirements to file a private arbitration, in all likelihood without the benefit of an attorney....

Law360 is on it, so you are, too.

A Law360 subscription puts you at the center of fast-moving legal issues, trends and developments so you can act with speed and confidence. Over 200 articles are published daily across more than 60 topics, industries, practice areas and jurisdictions.


A Law360 subscription includes features such as

  • Daily newsletters
  • Expert analysis
  • Mobile app
  • Advanced search
  • Judge information
  • Real-time alerts
  • 450K+ searchable archived articles

And more!

Experience Law360 today with a free 7-day trial.

Start Free Trial

Already a subscriber? Click here to login

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!