Law prof David Noll has written The CFPB's Arbitration Rule: The Road Ahead. Here is the abstract:
In May 2016, the Consumer Financial Protection Bureau announced that it intended to exercise its authority under the Dodd-Frank Act to bar consumer financial companies from invoking pre-dispute arbitration agreements to block consumer class actions. This comment considers the most serious threats to the Bureau's arbitration rule and concludes that its prospects are bad. Under Trump, banks and credit card companies will continue to avoid class-action litigation by mandating individual arbitration and there is little that supporters of the Bureau's rule can do about it.
A while back, we told you about another article by Noll in which he said that the CFPB's proposed arbitration rule did not go far enough in limiting the enforceability of financial institutions' pre-dispute mandatory arbitration clauses.
