On March 10, the Consumer Financial Protection Bureau (CFPB) released its long-awaited, statutorily-mandated report to Congress on the use of pre-dispute arbitration provisions in consumer financial products. As we predicted in 2013, the CFPB's report lays the groundwork for the CFPB to issue regulations prohibiting or limiting the use of such clauses. We'll be issuing a Client Alert on the 700-page report in the near future so stay tuned! In the meantime, if you have questions, please contact Nancy Thomas or James McGuire.
Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
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