Today, the U.S. Chamber of Commerce, American Bankers Association, American Financial Services Association, Consumer Bankers Association, Financial Services Roundtable, and a coalition of associations located throughout Texas filed a legal challenge to the Consumer Financial Protection Bureau’s anti-arbitration rule. The complaint alleges that the rule violates the requirements of the Dodd-Frank Act because the CFPB […]
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, […]
by Paul Alan Levy In a motion to quash filed today, three Facebook users are challenging search warrants issued by federal prosecutors seeking to rummage through accounts in which they supported protests against the inauguration of Donald Trump on the weekend of January 20. One of the accounts may be the Facebook analogue of the […]
In a survey of nearly 1,700 vehicles for sale at eight CarMax locations – four in Massachusetts, two in California, and two in Connecticut – more than one in four vehicles (27 percent) were found to contain unrepaired safety recalls. The survey is described in a report released today by Consumers for Auto Reliability and […]
by Jeff Sovern The Hill has a story about the forthcoming speech. Excerpt from the story: President Trump plans to give a speech at the White House next week on his efforts to roll back federal regulations. “The President will be making remarks in the morning highlighting his administration’s efforts to eliminate excessive, job-killing […]
A new report examines the use of arbitration agreements in the workplace by the top 100 largest domestic United States companies, as ranked by Fortune magazine. The key finding: 80 of the top 100 largest companies in America, including subsidiaries or related affiliates, have used arbitration agreements in connection with workplace-related disputes since 2010. Of […]
Consumer Financial Protection Bureau Director Richard Cordray said today that the three credit ratings agencies — Equifax, Trans Union, and Experian — are going to be getting embedded regulators to prevent future breaches of private information. CNBC has the story, here.
Quoting from the CFPB's press release issued yesterday: The Consumer Financial Protection Bureau released the results of a first-of-its-kind national survey on the financial well-being of U.S. consumers that showed that more than 40 percent of U.S. adults struggle to make ends meet. The survey provides measurements and insights on the financial well-being of specific […]
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 […]
The National Law Journal has published this debate/discussion between corporate litigator (and sometimes lawyer for the Chamber of Commerce lawyer) Andy Pincus and this blog's Deepak Gupta. (Possibly behind a paywall.)