The CFPB today issued a consumer-friendly rule that is likely to significantly curtail the use of arbitration in consumer financial agreements. That rule has two major components. First, it prohibits institutions from relying on arbitration clauses to avoid class actions. And second, it mandates the submission of redacted data on consumer financial arbitrations that will
Within the U.S. Government, the CFPB has gotten most of the attention for trying to regulate consumer arbitration. But this month, the Centers for Medicare & Medicaid Services (CMS) are bumping the CFPB out of the arbitration regulation spotlight. In particular, the CMS issued a rule that will prohibit the use of pre-dispute arbitration
A few months ago I posted about actions that FINRA and the NLRB were taking in support of allowing class arbitration, and those agencies have recently taken additional actions that help consumers or employees with relatively low dollar claims.
The NLRB brought a complaint against 24 Hour Fitness USA, Inc. The complaint alleges that 24