Last month the Consumer Financial Protection Bureau announced that it is launching a public inquiry into the effects of mandatory arbitration provisions in consumer financial services contracts. Congress required that the CFPB conduct this inquiry and potentially regulate the use of arbitration provisions when it created the agency with the passage of the Dodd-Frank Act. One likely area of inquiry and possible regulation will be the use of class action waivers in consumer finance agreements. We will continue to follow and report about developments in this important area. You can read the CFPB's announcement here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
