From the press release: On Tuesday, March 7, Senator Al Franken (D-Minn.) and top Senate and House Democrats will hold a press conference to push legislation to stop the use of unfair forced arbitration clauses, which are widely used by corporations to limit consumers’ and employees’ access to justice. The lawmakers will be joined by […]
Category Archives: Arbitration
Here. (HT: Gregory Gauthier)
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Here (behind paywall). Excerpt: "* * * Director Cordray has been reluctant to issue a final arbitration rule, is because I think he realizes that there is a very high likelihood of it being overridden," said Alan Kaplinsky, a partner at the law firm Ballard Spahr. * * * It's also not a guarantee that […]
Here. Excerpt: I asked [the] office [of Rep. John Ratcliffe, who has proposed to abolish the CFPB] to elaborate [on his claim that the CFPB hurts consumers]. I received a statement from Ratcliffe citing the group’s “qualified mortgage rule,” which he said “has made it harder for young people and retirees on fixed incomes to be […]
Here is a report from the N.J.L.J. Excerpt: The New Jersey Assembly has passed legislation that prohibits companies from inserting language in consumer contracts that requires arbitration of disputes in forums outside of the state. The Assembly, on Monday, approved the bill, A1515, in a 49-20 vote. The vote was split along party lines, with […]
Here. Here's the beginning and the end: President-elect Donald J. Trump will soon face a stark choice: whether to protect consumers, the ordinary Americans he pledged to defend against a system he criticized as rigged — or to side with that system. * * * If Mr. Trump chooses not to preserve a strong, […]
Stanford Law Professor Janet Cooper Alexander believes that it does. The basic idea is that states and localities would empower private attorneys general to bring actions on behalf of the governmental entity (which would not be subject to arbitration clauses) for injured consumers, etc. Here's an excerpt from the web page at the link above: […]
by Jeff Sovern In a characteristically terrific post at Credit Slips, Georgetown's Adam Levitin explains the real reasons for calls to fire CFPB Director Cordray. A worthy companion to Adam's recent op-ed at American Banker (free content), What the CFPB 'Commission' Debate Is Really About. Both worth a read.