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Class-Action Plaintiffs Eagerly Await Federal CFPB Rule to Reopen Courthouse Doors
By Miriam Rozen, Texas Lawyer, March 24, 2016
This post has been viewed 2,259 times.
This post has been viewed 2,259 times.
This month marks the one-year anniversary of the Consumer Financial Protection Bureau’s release of a controversial report. That report will likely soon help usher in a new era of more class actions against banks and other consumer finance companies.
In the near future, the federal agency is expected to issue a new rule halting the consumer finance companies’ use of mandatory arbitration clauses that bar class-action litigation. The CFPB’s new rule will be based on its findings in that March 2015 released report.
For prospective class-action plaintiffs, and their lawyers, the proposed new CFPB rule will allow them to once again pursue consumer finance companies, banks and other lenders.
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