In 2010, when it passed the Dodd-Frank Wall Street Reform and Consumer Protection Act, Congress created the Consumer Financial Protection Bureau as a watchdog for consumers who buy financial products and services. The CFPB’s mission included looking at the effect of arbitration clauses in consumer contracts and proposing rules to regulate them if appropriate.
On October 7, the CFPB issued an Outline of Proposals Under Consideration and Alternatives Considered. In the next post (on Monday, October 12) I will offer an overview of what the agency says it has in mind and how new CFPB rules could reverse some of the negative impact of recent Supreme Court rulings on consumer class actions. Please stand by.