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The CFPB has released an outline of a possible rule limiting arbitration clauses in consumer financial product and service agreements and is currently working on a proposed rule for public comment. The outline indicates that the proposed rule would eliminate arbitration agreements that limit consumer participation in class actions and require the submission to the CFPB (and, potentially, public posting) of arbitral claims and awards. The proposal would affect entities covered by the Consumer Financial Protection Act, including providers of consumer financial products and services offering credit cards, checking and deposit accounts, prepaid cards, money transfer services, certain auto loans, short-term, small dollar loans, and private student loans. The CFPB may expand the rule to include additional consumer financial products and services, such as payment processing.
Please join our complimentary webinar for a practical conversation about what the proposed arbitration clause ban means for companies and consumers. Members of Venable's CFPB practice group will review the current state of the rulemaking process and outline what you and your company need to know about what’s ahead. Our experienced practitioners will share their takes on the Bureau’s proposal from regulatory and litigation perspectives.
Topics will include:
- Overview and statutory background of the CFPB’s proposal;
- Current state of the rulemaking process: what to expect and when;
- Effect on industry and consumers: what the Bureau seeks and how the proposal will affect companies and consumers;
- Next steps: what companies can expect and how they may want to respond; and
- Moving forward: how the industry and consumers will be affected by the proposal.
This session will focus on industry participants that can expect to be affected by the Bureau’s proposal. Participants are encouraged to engage in the conversation by submitting questions throughout the live event and will receive a copy of the presentation and other materials following the webinar.
Moderator:
Allyson B. Baker, Esq., Partner, Venable LLP
Speakers:
John F. Cooney, Esq., Partner, Venable LLP
Thomas E. Gilbertsen, Esq., Partner, Venable LLP
Peter S. Frechette, Esq., Associate, Venable LLP
This activity has been approved for Minimum Continuing Legal Education credit by the State Bar of California in the amount of 1.0 hour, of which 1.0 hour applies to the general credit requirement, and by the State Bar of New York in the amount of 1.0 credit hour, of which 1.0 credit hour can be applied toward the Areas of Professional Practice requirement. Venable certifies this activity conforms to the standards for approved education activities prescribed by the rules and regulations of the State Bar of California and State Bar of New York, which govern minimum continuing legal education. Venable is a State Bar of California and State Bar of New York approved MCLE provider.