Administrative/Regulatory
Mar. 19, 2014
Future of class-arbitration waivers unclear under agency
The Consumer Financial Protection Bureau was granted authority to limit mandatory arbitration clauses in certain contracts. It might use this authority to nullify recent Supreme Court decisions. By Maureen Sheehy and Oliver Kroll
Overturning the U.S. Supreme Court takes a special kind of chutzpah - especially for a politically embattled regulatory agency that's less than three years old. Under the Dodd-Frank Act, the Consumer Financial Protection Bureau was granted statutory authority to limit mandatory arbitration clauses in consumer finance contracts. It might use this authority to nullify two of the court's recent decisions on class arbitratio...
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