Submit Comments on Arbitration Clauses Rule Proposal to CFPB

We urge you to take the time to submit a comment letter opposing this rule proposal – which can be done online HERE.

Submission Deadline is August 22

Please remember to include Docket No. CFPB-2016-0020.

To assist you in the comment drafting process, CFSA has developed a set of themes for consideration that could be included in your company comment letter.
Click HERE to view those themes.

The CFPB’s rule proposal would prohibit mandatory arbitration clauses in consumer contracts that serve to prevent consumers from bringing class action lawsuits.

While the CFPB proposal would not provide an express ban on all arbitration clauses, and continue to permit individual arbitration with restrictions, the regulation would in effect create a ban.

Comment letters may also be submitted by:

  • Email: FederalRegisterComments@cfpb.gov. Include Docket No. CFPB-2016-0020 or RIN 3170-AA51 in the subject line of the email.
  • Mail: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1700 G Street NW., Washington, DC 20552.
  • Hand Delivery/Courier: Monica Jackson, Office of the Executive Secretary, Consumer Financial Protection Bureau, 1275 First Street NE., Washington, DC 20002.

Check out the below links for more information about the arbitration rule proposal:

  • CFPB Arbitration Rule Proposal (click here)
  • Small Business Review Panel Report (click here)
  • March 2015 CFPB Report on Arbitration (click here)

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