CFPB Flooded With Thousands of Comments Over Arbitration Rule

From: National Law Journal

C. Ryan Barber, 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.


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