As you may recall, the Dodd-Frank Act requires the CFPB to study the use of pre-dispute arbitration clauses in consumer financial markets, and allows the CFPB to issue related regulations for the protection of consumers.
For example, the CFPB requests information regarding:
- The prevalence of use of arbitration clauses in consumer financial products and services;
- The use and impact of arbitration proceedings, including what claims consumers and companies bring in arbitration;
- The use and impact of arbitration agreements outside of arbitrations, such as on the price and availability of financial services products to consumers.
The CFPB expressly states that it is not seeking comment on either: (a) whether it should, by regulation, prohibit or impose conditions or limitations on the use of pre-dispute arbitration agreements with respect to consumer financial products or services; or (b) whether any such regulation would serve to protect consumers or otherwise be in the public interest.
Responses to the Request for Information are due by June 23, 2012.
Ralph T. Wutscher
McGinnis Tessitore Wutscher LLP
The Loop Center Building
105 W. Madison Street, 18th Floor
Chicago, Illinois 60602
Direct: (312) 551-9320
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