Steve H. Powell & Company

  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog
  • Contact
  • About us
  • Management
  • Services
    • Loan Review
    • Compliance
    • Due Diligence
    • ALLL Methodology
    • Strategic Planning
  • Newsletter
  • Blog

​

CFPB Finalizes Arbitration Rules

8/9/2017

1 Comment

 
By: Jeremy Clifton, CRCM, CAMS

On July 10, 2017 the CFPB issued its final rule which limits financial institutions’ ability to utilize arbitration agreements.  The rule prohibits the compulsory waiver of class action suits via pre-dispute arbitration agreements.   The rule takes effect on September 18, 2017 but compliance is not mandatory until on or after March 19, 2018.  Institutions should review consumer deposit, credit card, and loan agreements as pre-dispute arbitration agreements are quite common.  It may be necessary for institutions to update these documents manually or to contact providers to determine if these forms are available without the pre-dispute language.  If an institution is to retain allowable types of pre-dispute arbitration agreements, such agreements must now contain new model language and require submission of certain arbitration records to the CFPB.  See the CFBP’s page for further guidance here. 

​While the House passed a resolution on July 26, 2017 to override the arbitration rule, there is no word from the Senate on an impending vote.  We will provide updates on any changes of the status of these rules. 

1 Comment
Jimmy Edgar link
9/7/2023 10:52:10 am

I enjoyedd reading this

Reply



Leave a Reply.

    Archives

    March 2025
    February 2025
    January 2025
    November 2024
    October 2024
    September 2024
    August 2024
    July 2024
    May 2024
    March 2024
    February 2024
    January 2024
    December 2023
    November 2023
    September 2023
    July 2023
    June 2023
    May 2023
    April 2023
    March 2023
    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    September 2022
    August 2022
    July 2022
    June 2022
    May 2022
    April 2022
    March 2022
    February 2022
    January 2022
    July 2021
    May 2021
    February 2021
    January 2021
    October 2020
    August 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    March 2019
    January 2019
    September 2018
    August 2018
    June 2018
    May 2018
    April 2018
    February 2018
    January 2018
    October 2017
    August 2017
    July 2017
    June 2017
    March 2017
    February 2017
    October 2016
    September 2016
    August 2016
    June 2016

    RSS Feed

Proudly powered by Weebly