Author Archives: Jeff Sovern

Dean Clancy in US News has written The GOP's Foolish Decision. Excerpt: The U.S. Chamber of Commerce urged Congress to kill not only [the arbitration] regulation, but every CFPB rule, on grounds the agency is unconstitutional and therefore all of its actions are invalid. The GOP would be terribly foolish to go down this road, […]

Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee 

Here, in The Intercept. Excerpt: Trump has sent out his lead attack dog to overturn the arbitration rule — a former bank lawyer who has used the very tactic the CFPB wants to prevent. [Dayen describes how Wells Fargo attempted to use arbitration to deflect a class action in  Gutierrez v. Wells Fargo.] * * * […]

Here. It will appear in 12 CFR 1040. The rule formally takes effect September 18, 2017, and covered entities have until March 19, 2018 to comply.  

by Jeff Sovern In keeping with Justice Gorsuch's remark yesterday that  "Democracy depends on our ability to learn from & work with those who hold very different convictions than our own," here is a partial report on the activities of arbitration supporters: The Chamber of Commerce is holding an event titled CFPB's Anti-Arbitration Rule: Analysis […]

by Jeff Sovern Under the Congressional Review Act, Congress will have 60 legislative days to overturn the rule.  The rule can also be blocked by the FSOC, and for that to happen, an FSOC member must file a petition within ten days of publication of the rule. Given the opposition of Acting Comptroller of the […]

In the Daily Kos, Paul has written Settlement Shows Why Congressional Republicans Want to Let Banks Use Forced Arbitration.  Excerpt: [R]oughly 1/3 of the customers impacted by US Bank’s illegal actions had signed an arbitration clause when they entered into a conditional sale contract with their car dealer. The arbitration clause included a provision that […]