Here. The report is based on a statement by an unidentified White House aide. The signing is to take place tomorrow.
Category Archives: Arbitration
by Jeff Sovern Allison blogged earlier about CFPB Director Cordray's letter to the president urging him to allow the CFPB arbitration rule to go into effect. While it would be wonderful if the president did so, there are many reasons to think he won't. Among these: as regular readers will know, Vice President Pence broke […]
by Jeff Sovern . . . or it could come later in the week. Or not. My speculation is that the Senate leadership will call the vote if they think they have the votes to pass the resolution but otherwise they will let it go until closer to the deadline. So the real question is […]
by Jeff Sovern The article, by Kate Berry and Ian McKendry, is headlined Fight to kill CFPB arbitration rule could rest on whose data is right. Here's some of what the article says about the OCC claims, though the article has more than I can insert here. "The uncertainty of the OCC's estimate is very large, […]
by Jeff Sovern The story is headlined 'Plague on both your houses': Cordray, Noreika get scolding from statisticians. Excerpt: " * * * There isn’t strong evidence either way,” said Bruce Meyer, a professor at the University of Chicago. “There is weak evidence that says more than likely there is a positive effect on the cost […]
by Jeff Sovern The Wall Street Journal, in a story headlined Regulator Fight Flares Anew Over Arbitration Rule As GOP Gears Up To Vote, reports on the CFPB response to the Norieka op-ed I wrote about earlier: The CFPB countered Mr. Noreika’s attack by publishing a new report on the rule’s effect on consumers, arguing there […]
by Jeff Sovern Acting Comptroller of the Currency and former bank lawyer Keith Norieka has an op-ed in The Hill, Senate should vacate the harmful consumer banking arbitration rule, that is seriously flawed. I'm going to write about two of those flaws here. First, Norieka concludes by writing: Instead of mandating only one way to resolve […]
by Jeff Sovern Here. Lots of irony in this one, as you can tell from the headline. A sample: Eighteen groups representing thousands of corporations and banks filed the lawsuit against the Consumer Financial Protection Bureau last Friday in federal court in Dallas. Oddly, they did not attempt to individually resolve the dispute through an arbitration process, […]
by Jeff Sovern The ABA Banking Journal (that's the banking ABA, not the lawyers' ABA) has the story here. Except: The OCC has conducted a study finding that the Consumer Financial Protection Bureau’s arbitration rule is likely to increase the cost of credit by about 25 percent once lenders factor in the cost of class action litigation, […]
Jeffrey H. Dasteel of UCLA has written CONSUMER CLICK ARBITRATION: A REVIEW OF ONLINE CONSUMER ARBITRATION AGREEMENTS, 9 Arbitration Law Review 1 (2017). Here is an excerpt from the conclusion: Our review of websites with arbitration clauses, in-store transactions for retailers with brick and mortar outlets and online sales, and prior studies on whether online consumers […]