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June 30, 2016, American Banker
Eric Mogilnicki is quoted in an American Banker article regarding the ways banks, credit card companies, and other financial firms may react to a CFPB proposal to limit the use of arbitration clauses. Mogilnicki, who expects transition issues as companies try to preserve old clauses, says, “There may be a flood of arbitration clauses added to contracts just before the rule takes effect.” He continues, “Then after the rule, there will be two classes of people – those with arbitration clauses and those with none. And the same courts that have been hostile to arbitration in the past may seek to ignore these valid arbitration clauses.”