Browsing: Arbitration


In a statement for the record of a Senate Banking Committee hearing today, the American Bankers Association said it will continue to oppose legislative efforts to limit the use of arbitration clauses in private contracts, including S. 505, the Forced Arbitration Injustice Repeal Act that lawmakers are currently considering.

Compliance and Risk

President Trump this afternoon signed the Congressional Review Act resolution invalidating the Consumer Financial Protection Bureau’s final rule that had effectively banned the use of mandatory arbitration for consumer financial products.

Compliance and Risk

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, Acting Comptroller Keith Noreika said today at a fintech conference hosted by the Federal Reserve Bank of Philadelphia.

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