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CFPB Releases Proposed Rule on Pre-Dispute Arbitration Agreements

May 5, 2016, Covington Alert

Today, the Consumer Financial Protection Bureau published a proposed rule substantially curtailing the ability of financial services firms and consumers to enter into voluntary pre-dispute arbitration clauses. The proposed rule would prevent financial services providers from including arbitration clauses in consumer contracts unless those arbitration clauses expressly permit class actions to proceed in court. The rule would also require financial services firms to provide copies of consumer arbitration agreements, claims and decisions to the Bureau for possible publication.

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