by Jeff Sovern I wanted to comment on a couple of op-eds opposing the CFPB arbitration rule. One is Joseph Cioffi's piece in the American Banker, headlined CFPB arbitration rule will still pose costs to consumers. Though Cioffi (Chair of the Insolvency, Creditors’ Rights & Financial Products Practice Group at Davis & Gilbert) sees the arbitration rule as […]
Category Archives: Arbitration
by Jeff Sovern I'm still trying to make sense of the arbitration situation in connection with the Equifax breach. Here is how I see it at the moment. Comments welcome. Our story so far: after hackers invaded the Equifax database, Equifax set up a web site (that is the current version of the web site; […]
Here . Excerpt: The Equifax revelations come at exactly the wrong time for Republicans, who had been hoping as late as Thursday to rapidly push ahead next week on a vote to overturn the rule. * * * * * * The Equifax breach—and its controversial mandatory arbitration clause—could push some . . . Republicans […]
by Jeff Sovern Scott posted yesterday about the Equifax data breach, which may end up being as significant a consumer scandal as the Wells Fargo unauthorized account fiasco. As has been pointed out elsewhere, the disclosure of the Equifax announcement is extraordinary, coming on the same day Congress considered a bill to limit damages against […]
From Paul Bland in HuffPo, CFPB Rule Fight Forces Senators to Choose: Military Families or Big Banks. Excerpt: When Gary Childress of Raleigh, North Carolina learned in July 2008 that he was being deployed to Iraq as part of his Army National Guard service, one of the things he did before reporting for duty was to […]
Stephen J. Ware of Kansas has written The Centrist Case for Enforcing Adhesive Arbitration Agreements, Forthcoming in the Harvard Negotiation Law Review. Here is the abstract: "The Politics of Arbitration Law and Centrist Proposals for Reform", 53 Harvard J. on Legislation 711 (2016), explained how issues surrounding consumer, and other adhesive, arbitration agreements became divisive along predictable political lines […]
Colin Hanna, President of Let Freedom Ring USA, has penned Forced arbitration: Big banks' 'Star Chamber' in the Washington Examiner. Excerpt: Elbridge Gerry was a colonial-era plutocrat who became a patriot, a signer of the Declaration of Independence and a champion of equal justice under the law. * * * One of his more famous sayings was […]
Benjamin P. Edwards of Nevada has written Arbitration's Dark Shadow, Nevada Law Journal, Forthcoming. Here's the abstract: Arbitration has expanded broadly, removing disputes involving entire industries from judicial review. The absence of judicial review plunges these disputes and industries into shadow. This shadow causes the public to lose sight of vital information about industry practices […]
Chuck Muth has written If Congress Won’t Protect Us from Wells Fargo, then at Least Get Out of the Way. Here's an excerpt: Now, as a conservative I fully support the right of private individuals to freely and voluntarily contract with each other * * * But to require someone to sign away a CONSTITUTIONAL RIGHT […]
Here. Excerpt: [S]upport [to overturn the rule] in the Senate is uncertain. No Democrats are likely to back the effort, and Republicans, with their slim majority, can’t afford to lose more than two GOP votes. Several Republican senators have expressed reservations about voting to overturn the regulation, worried they may be portrayed as siding with […]