CFPB Flooded With Thousands of Comments Over Arbitration Rule

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

, The National Law Journal


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.

This content has been archived. It is available exclusively through our partner LexisNexis®.

To view this content, please continue to Lexis Advance®.

Continue to Lexis Advance®

Not a Lexis Advance® Subscriber? Subscribe Now

Why am I seeing this?

LexisNexis® is now the exclusive third party online distributor of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® customers will be able to access and use ALM's content by subscribing to the LexisNexis® services via Lexis Advance®. This includes content from the National Law Journal®, The American Lawyer®, Law Technology News®, The New York Law Journal® and Corporate Counsel®, as well as ALM's other newspapers, directories, legal treatises, published and unpublished court opinions, and other sources of legal information.

ALM's content plays a significant role in your work and research, and now through this alliance LexisNexis® will bring you access to an even more comprehensive collection of legal content.

For questions call 1-877-256-2472 or contact us at customercare@alm.com

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.

Comments are not moderated. To report offensive comments, click here.

Preparing comment abuse report for Article #1202765673354

Thank you!

This article's comments will be reviewed.