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Expert Analysis

CFPB Arbitration Rule Increases Class Action Risk

By Peter Hargitai, Josh Roberts and Laura Renstrom (July 11, 2017, 4:51 PM EDT) -- Under a controversial new final rule issued by the Consumer Financial Protection Bureau on July 10, 2017, banks and credit card companies are prohibited from forcing consumers into arbitration to avoid class action lawsuits. The rule, if it becomes effective, will make it easier for consumers to bring class action lawsuits against financial companies. However, as discussed below, the CFPB has been targeted by the current administration, and Congress is empowered to override the rule....

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