Prepare For The CFPB's Proposed Ban On Arbitration
Law360, New York (April 21, 2016, 10:15 AM EDT) -- Steven M. Kaplan
Andrew J. Pincus
Archis A. Parasharami
Arbitration provides a fair, easy-to-use and efficient means for resolving disputes. Many financial services companies have established arbitration programs to decide customer disputes.
If the Consumer Financial Protection Bureau has its way, that all will change. The CFPB is about to issue a rule that, if it goes into effect, will effectively eliminate these arbitration programs. As outlined by the bureau, the proposed rule — which the bureau appears poised to issue on or around May 5 — will prohibit arbitration clauses unless the clauses also permit consumers to bring class actions....
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