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CFPB RIN: 3170-AA51 Publication ID: Spring 2017 
Title: Arbitration 
Abstract:

In May 2016, the Bureau issued a Notice of Proposed Rulemaking concerning the use of agreements providing for arbitration of any future dispute between covered persons and consumers in connection with the offering or providing of certain consumer financial products or services. The rulemaking follows on a report that the Bureau issued to Congress in March 2015, as required by the Dodd-Frank Act, as well as on preliminary results of arbitration research that were released by the Bureau in December 2013. The proposal would prohibit covered providers of certain consumer financial products and services from using an arbitration agreement to bar the consumer from filing or participating in a class action. Under the proposal, companies would still be able to include arbitration clauses in their contracts. However, for contracts subject to the proposal, the clauses would have to say explicitly that they cannot be used to stop consumers from being part of a class action in court. The proposal would also require a covered provider that has an arbitration agreement and that is involved in arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau. The Bureau has received more than 120,000 comments in response to the proposal.

 
Agency: Consumer Financial Protection Bureau(CFPB)  Priority: Other Significant 
RIN Status: Previously published in the Unified Agenda Agenda Stage of Rulemaking: Final Rule Stage 
Major: Undetermined  Unfunded Mandates: No 
EO 13771 Designation: uncollected 
CFR Citation: Not Yet Determined     (To search for a specific CFR, visit the Code of Federal Regulations.)
Legal Authority: 12 U.S.C. 5512(b)    12 U.S.C. 5518(b)   
Legal Deadline:  None
Timetable:
Action Date FR Cite
NPRM  05/24/2016  81 FR 32830   
NPRM Comment Period End  08/22/2016 
Final Rule  08/00/2017 
Regulatory Flexibility Analysis Required: Undetermined  Government Levels Affected: Local, State, Tribal 
Federalism: No 
Included in the Regulatory Plan: No 
RIN Data Printed in the FR: No 
Agency Contact:
Eric Goldberg
Office of Regulations
Consumer Financial Protection Bureau
Phone:202 435-7700