Originally from Alternatives to the High Cost of Litigation

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Among its post-election analysis articles, the Wall Street Journal reported that the Consumer Financial Protection Bureau is pushing to finalize its arbitration rule before Donald Trump’s inauguration on Jan. 20. Andrew Ackerman, Financial Regulators Scramble to Complete Postcrisis Rules, Wall Street Journal (Nov. 21)(available at http://on.wsj.com/2ga40dJ).

The proposal would generally prohibit providers of consumer financial products or services from using a pre-dispute arbitration agreement to block a consumer from filing or participating in a class action lawsuit with respect to the consumer financial product or service.

The comment period on the proposed rule closed on Aug. 22, 2016. See “Comments Closed on CFPB’s Consumer Arbitration Rulemaking; Wait Begins for a Class-Action Ban,” 34 Alternatives 142 (October 2016)(available at http://bit.ly/2eaS1eD).