Client Alert - What the CFPB’s Ban on Class Action Waivers in Arbitration Agreements Means for Your Company

Jason Anderson and Katie Beaudin recently authored an article on the Consumer Financial Protection Bureau’s (“CFPB”) new rule that bars companies overseen by the CFPB from inserting class action waivers in mandatory arbitration clauses that are included in their contracts with consumers. The rule will prohibit class action waivers in agreements relating to checking or savings accounts, credit cards, student loans, payday loans, some payment processing services, consumer reports and credit scores, prepaid cards, and consumer debt collection, among others.

CFPB's Ban on Class Action Waivers in Arbitration Agreements by Stradling on Scribd