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July 10, 2017 - Industry News

CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts

The new rule is set to take effect 60 days after publication in the Federal Register. It comes more than two years after the bureau studied mandatory arbitration clauses and one year after it proposed to ban such clauses in consumer finance contracts.

Tags: arbitration agreements, auto finance, CFPB, CFPB study, compliance

April 7, 2017 - Industry News

AFSA to Congress: The CFPB ‘Needs to Be Reined In’

A day after House Republicans called for the dismissal of CFPB Director Richard Cordray, the American Financial Services Association called on Congress to reform the bureau’s practices and amend its structure.

Tags: arbitration agreements, auto finance, CFPB, dealer participation, Disparate Impact, Jeb Hensarling, Richard Cordray

October 7, 2015 - Industry News

CFPB Considering Ban on Arbitration Clauses

The bureau is seeking to ban pre-dispute arbitration clauses that block class action lawsuits. The proposals under consideration would allow companies to use arbitration for individual disputes, but would require those companies to submit to the CFPB the arbitration claims filed and awards issued.

Tags: arbitration agreements, auto finance, CFPB, Indirect Lending

May 28, 2015 - Industry News

Members of Congress Call on CFPB to Eliminate Arbitration Agreements

U.S. Sen. Al Franken (D-Minn.) is leading an effort by more than 50 members of Congress to spur the CFPB into eliminating the use of forced arbitration clauses in consumer financial service contracts.

More than 50 members of Congress have signed a letter urging the CFPB to issue new rules to eliminate the use of forced arbitration clauses in consumer financial service contracts.

Tags: Arbitration, arbitration agreements, CFPB, Congress, Consumer Financial Protection Bureau, Tom Hudson

March 11, 2015 - Industry News

Arbitration Clauses Limit Consumer Relief, CFPB Says

In a report released this week, the regulator revealed that 75% of consumers did not know whether they were subject to an arbitration clause in their agreements with their financial service providers. The study covered six different consumer finance markets, including auto loans.

Tags: arbitration agreements, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act

August 5, 2014 - Industry News

Compliance Firm Advises Dealers to Review Arbitration Clauses

Automotive Compliance Consultants warned dealers this week to review their arbitration clauses in their finance contracts. The firm says such language is coming under scrutiny from courts and regulators.

Tags: arbitration agreements, Federal Arbitration Act

December 17, 2013 - Industry News

Hyundai Drops Arbitration Clause

Following a critical piece in the New York Times on the arbitration clause found in its warranty statement, Hyundai drops the policy. The change came a week before the CFPB released its first report on the effect of arbitration agreements on consumers.

Tags: arbitration agreements, Brittany-Marie Swanson, Consumer Financial Protection Bureau, Hyundai

December 12, 2013 - Industry News

CFPB Releases Preliminary Arbitration Research

On Wednesday, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services. While auto was excluded from the review, the report’s findings make similar provisions used in auto transactions look ‘consumer-friendly by comparison,’ says legal insider.

Tags: arbitration agreements, Brittany-Marie Swanson, CFPB, Consumer Financial Protection Bureau, Dodd-Frank Act, Tom Hudson

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