CFPB bans mandatory arbitration clauses in mortgage contracts

Although I am not able to find the announcement or the rule on the Bureau's website, Mondaq is reporting that the Consumer Financial Protection Bureau has issued a rule to implement Dodd-Frank's ban on mandatory arbitration clauses in mortgage contracts. The rule is available here. The rule implements changes required by Section 1414 of the Dodd-Frank Wall Street Reform Act.

(On a related note, the CFPB's website is surprisingly bad, particularly for a new agency.)

0 thoughts on “CFPB bans mandatory arbitration clauses in mortgage contracts

  1. Allison Zieve says:

    Thanks for your comment. I think that the CFPB website makes it hard to find new information. For example, Newsroom — the page with CFPB press releases — is a link in small type at the very bottom of the home page. And when you click on the Newsroom link, the top of the page does not list any news. Rather, you have to scroll down (below what you can see on my fairly large monitor) to see the list of releases. Compare, for example, the FTC’s website. In additional, a few times, I have read about a CFPB action on a blog or other media source but had trouble finding the information on the CFPB’s website. On the plus side, I like the blog, which is easily and clearly accessible from the homepage.

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