ABA member Sylvia Aparicio — SVP and chief lending officer at First Community Bank, Corpus Christi, Texas — yesterday represented small banks on the Small Business Review Panel convened by the Consumer Financial Protect Bureau to discuss mandatory arbitration clauses contained in products offered by small entities.
Specifically, the bureau sought feedback on the set of proposals and alternatives that would prohibit class action waivers in consumer financial products and require all arbitration claims and awards to be submitted to the bureau for possible publication. The panel reviewed questions raised by the bureau, including the impact of litigation and class actions on small entities and their customers. Panel members must submit written comments to the questions by Nov. 9, 2015.
