UPDATED

CFPB Flooded With Thousands of Comments Over Arbitration Rule

U.S. Chamber, Public Citizen to file Monday, the comment deadline.

, The National Law Journal

   | 1 Comments

The Consumer Financial Protection Bureau's proposed ban on class action waivers has generated thousands of comments, many from consumers who argue the proposal would only benefit trial lawyers. Insurance regulators have expressed their own concerns. Hundreds of law professors are backing the consumer agency's proposed rule. U.S. lawmakers are divided. Two of the heavy-hitters in the debate—the U.S. Chamber of Commerce and, on the other side, the consumer advocacy group Public Citizen—plan to submit their positions today, when the comment period closes.

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What's being said

  • Darren McKinney, American Tort Reform Association, Washington, D.C.

    Last I checked a month or so ago, the ratio of comments against to comments for this proposed rule, which flies in the face of the 91-yo Federal Arbitration Act and numerous court decisions upholding that act over the decades, were running roughly 3-to-1. But the party of President Obama and CFPB chief Dick Cordray is desperate to do the plaintiffs‘ bar, its most reliably generous campaign donors, a major favor this election year. So public comments be damned; expect the CFPB to finalize the rule in fairly short order -- while there‘s still time to boost campaign coffers before Election Day.

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