Tag Archive: CFPB

CFPB Final Rule Prohibiting Class Action Waivers in Arbitration Clauses

On July 10, 2017, the Consumer Financial Protection Bureau (CFPB) issued a final rule prohibiting class action waivers in predispute arbitration clauses contained in covered consumer financial services agreements. The four primary provisions of the final rule are as follows: Under the final rule, a “predispute arbitration agreement” is defined as: “an agreement between a […]

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CFPB And Commercial Credit

Does the Consumer Financial Protection Bureau (“CFPB”)  have jurisdiction over “commercial credit”? Rep. Emanuel Cleaver II,  raised certain concerns  in a recent letter to the CFPB (the “Cleaver Letter”) , which can help us answer this question.  As we know, fintech lending is based upon the use of algorithms to determine whether to provide commercial […]

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Trump Administration Regulatory Freeze. What Is The Effect On The CFPB

The Trump Administration circulated a memorandum on January 20, 2017 (the “January 2017 Memo”) to the heads of executive departments and agencies,  initiating a regulatory review to be headed by the Director of the Office of Management and Budget (“OMB”).  The  January 2017 Memo  states in relevant part, “[S]end no regulation to the Office of […]

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