This is for lawyers and people interested in law to talk with each other. It is not for legal advice.
Lots of interesting CFPB rules coming down the pipeline
Americans Could Win Back The Right To Sue Their Banks
Financial companies could be banned from using legal fine print that prevents their customers from joining class-action lawsuits, according to new rules being proposed by the Consumer Financial Protection Bureau. The CFPB is proposing rules that would restrict the use of so-called mandatory arbitration clauses, which prevent customers from collectively taking complaints before a judge and instead require the use of private arbitrators, a process that often favors large corporations.
buzzfeed.com
They've also been working on a payday loan rule.




I heard someone on NPR, a bank lobbyist, calling the CFPB the "Plaintiffs' Lawyer Protection Bureau" for this, which is misleading, but has a nugget of truth in it. This rule would make a lot of work for Plaintiffs' side class action lawyers. But, it would only do that because the current system incentivizes robbing your customers just a little bit at a time. On balance, it seems like a good rule to me. That is, of course and as always, pending application, which can always turn out to be very different than planned. To paraphrase Moltke, no plan survives contact with the legal system.
If the CFPB is the Plaintiffs' Lawyer Protection Bureau one must wonder what that makes the Department of the Treasury. I am concerned about the application though, especially since the two people who may be the next president are fairly finance-friendly (Hillary Clinton is thinking about having Larry Fink in her cabinet).