Here, for example, is a press release from the Senate Banking Committee. And here is one from the House Financial Services Committee
Category Archives: Class Actions
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 Stephen Gardner On July 17, a panel of the Ninth Circuit issued a revised opinion in Bruton v. Gerber Products. (I’ve attached the withdrawn opinion here and the new opinion here.) In her lawsuit, Natalia Bruton alleged that “labels on certain Gerber baby food products included claims about nutrient and sugar content that were […]
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 […]
by Jeff Sovern The Office of the Comptroller of the Currency has a long history of being captured by the banks it regulates, interrupted briefly during the Obama administration. But now that it is headed by Acting Comptroller and former bank lawyer Keith Noreika, it is once more protecting banks from predatory consumers. First Norieka […]
by Jeff Sovern On a party line vote of 31-21, the House Appropriations Committee passed the Financial Services Appropriation bill. Section 930 of the bill repeals the CFPB's authority to regulate arbitration. Section 926 would subject the CFPB to the congressional appropriations process, thereby making it more accountable to lobbyists. Section 927 would gut the […]
by Jeff Sovern My latest, here. Excerpt: The Wells Fargo case shows the difference between arbitration and class actions: the difference between getting nothing and getting something. * * * Critics of the rule claim that class actions are just giveaways to lawyers. It’s true that not all class actions work as well as the Wells […]