June 20, 2018

June 20, 2018

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June 19, 2018

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June 18, 2018

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CFPB Publishes Final Rule on Pre-Dispute Arbitration Agreements

Earlier this week, the Consumer Financial Protection Bureau published a final rule substantially curtailing the ability of financial services providers and consumers to enter into voluntary pre-dispute arbitration clauses.  The final rule, like the proposed rule that preceded it, would i) prevent financial services providers from including arbitration clauses in consumer contracts unless those arbitration clauses expressly permit class actions to proceed in court; and ii) require financial services providers to provide copies of consumer arbitration agreements, claims and decisions to the Bureau for possible publication.  The final rule will become effective 60 days after its publication in the Federal Register, but apply only 180 days after its effective date.

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 Eric J. Mogilnicki,litigation attorney, Covington Burling, Law Firm
Partner

Combining his four years’ experience at the center of some of the nation’s most critical public policy debates as Chief of Staff to the late Senator Edward M. Kennedy, and his more than 20 years of experience advising and representing financial institutions, Eric Mogilnicki focuses his practice on assisting financial services clients with investigations, examinations and enforcement actions by government regulators, including the CFPB, FTC, OCC, and FDIC. Over the past six years, Mr. Mogilnicki has been a national leader within the private bar on CFPB enforcement and policy issues. His...

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Andrew M. Smith, Covington Burling, Data and cybersecurity lawyer
Partner

Andrew Smith advises clients on retail financial services, credit reporting, privacy, technology and e-commerce issues. He assists banks, non-bank lenders, credit bureaus, technology companies, and their vendors with regulatory compliance, litigation and transactional matters.

Mr. Smith represents clients before federal and state agencies—particularly the Federal Trade Commission (FTC) and Consumer Financial Protection Bureau (CFPB)—in law enforcement and rulemaking proceedings. He regularly advises companies on the requirements of the GLBA, FCRA, DPPA, ECOA, FDCPA, TCPA and TSR, FTC Act, Dodd-Frank Act, and analogous state laws, including state insurance privacy laws and security breach notification requirements.

202 662 5049
David A. Stein, Covinton Burling, data and cybersecurity lawyer
Of Counsel

David Stein advises clients on retail financial services, credit reporting, financial privacy, payments, fair lending, and technology and e-commerce issues. He assists banks, non-bank lenders, consumer reporting agencies, payments and technology companies, and their vendors with regulatory, compliance, supervision, enforcement, and transactional matters.

Mr. Stein has significant experience advising clients on compliance with the FCRA, GLBA, ECOA, EFTA, TILA, TISA, FDCPA, Dodd-Frank Wall Street Reform and Consumer Protection Act, and FTC Act. Mr. Stein is a member...

202 662 5074