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Author: Louis F. Del Duca Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
Judicial precedent with regards to mandatory pre-dispute arbitration agreements has given such clauses substantial protection, resulting in their widespread inclusion in boilerplate contract language. However, recent findings and assertions from the Consumer Financial Protection Bureau (CFPB) may cause a serious disruption in the use of such clauses in business to consumer (B to C) contracts. Recent CFPB studies and comments suggest that the CFPB is poised to exercise its authorization under the Dodd-Frank Act to restrict the use of pre-dispute mandatory arbitration agreements in consumer contracts.
Author: Louis F. Del Duca Publisher: ISBN: Category : Languages : en Pages : 22
Book Description
Judicial precedent with regards to mandatory pre-dispute arbitration agreements has given such clauses substantial protection, resulting in their widespread inclusion in boilerplate contract language. However, recent findings and assertions from the Consumer Financial Protection Bureau (CFPB) may cause a serious disruption in the use of such clauses in business to consumer (B to C) contracts. Recent CFPB studies and comments suggest that the CFPB is poised to exercise its authorization under the Dodd-Frank Act to restrict the use of pre-dispute mandatory arbitration agreements in consumer contracts.
Author: Michael S. Barr Publisher: ISBN: Category : Languages : en Pages : 25
Book Description
Mandatory pre-dispute arbitration clauses are pervasive in consumer financial and investor contracts -- for credit cards, bank accounts, auto loans, broker-dealer services, and many others. These clauses often ill serve households. Consumers are typically presented with contracts on a “take it or leave it” basis, with no ability to negotiate over terms. Arbitration provisions are often not clearly disclosed, and in any event are not salient for consumers, who do not focus on the importance of the provision in the event that a dispute over the contract later arises, and who may misforecast the likelihood of being in such a dispute. The lack of salience means that there is no meaningful competition over arbitration provisions or likely any price effect. Some arbitration proceedings lack procedural protections, and unbiased arbitrator selection essential for fair outcomes. In addition, many arbitration provisions contain “gag” rules barring disclosure of reasoning, evidence, or outcomes. Moreover, arbitration clauses typically preclude consumers from banding together in aggregated actions, which diminishes redress and weakens deterrence. In the wake of the financial crisis, Congress enacted the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which authorizes the new Consumer Financial Protection Bureau and the U.S. Securities and Exchange Commission to prohibit or condition the use of arbitration clauses in consumer finance and investment contracts, respectively. It is well past time for these agencies to use this authority.
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law Publisher: ISBN: Category : Law Languages : en Pages : 260
Author: United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy Publisher: ISBN: Category : Arbitration agreements, Commercial Languages : en Pages : 272
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law Publisher: ISBN: Category : Business & Economics Languages : en Pages : 312
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts Publisher: ISBN: Category : Arbitration and award Languages : en Pages : 128
Author: Nancy Welsh Publisher: ISBN: Category : Languages : en Pages : 54
Book Description
Ultimately, this essay will conclude that a private, ad hoc dispute system design process did lead to the insertion of class action waivers in mandatory pre-dispute consumer arbitration clauses. In-house and outside counsel certainly played key roles in initiating this process, but it is unclear that any individual lawyers could claim credit or responsibility as "designers." The representatives of dispute resolution organizations, meanwhile, played supporting roles-as providers of information and as amici in Supreme Court litigation. The essay will consider whether dispute resolution professionals could have managed their role in the process differently-and if so, why they would have managed it differently.This essay also concludes that the momentum generated by the CFPB's regulatory proposals has created another opportunity for dispute resolution organizations and professionals to play a role in designing a system for the resolution of disputes between consumers and businesses. However, the appropriate role played by these dispute resolution organizations and professionals depends upon the role played by the CFPB, particularly in light of the recent election. If the CFPB survives and acts as a third party, committed to hearing and considering the concerns of all stakeholders and acting in the public interest, and if the agency retains its independence and final decision-making authority over the dispute system's design, then experienced dispute resolution organizations and professionals should be able to play a very valuable dual role as both designers and stakeholders. If the CFPB does not survive or does not retain its independence and decision- making authority, then playing a dual role becomes more problematic. It will then be important to identify those dispute resolution organizations that either do not rely on referrals from corporate repeat players for their survival or those that do rely on such referrals but have nonetheless persisted in working to protect the integrity of the dispute resolution field. These are the organizations that will need to step up and play a design role for the benefit of the dispute resolution field and, even more importantly, for the benefit of our public justice system and our larger polity.
Author: Shahla F. Ali Publisher: Cambridge University Press ISBN: 110702871X Category : Business & Economics Languages : en Pages : 283
Book Description
Shahla F. Ali presents comparative empirical research about the design of consumer financial dispute resolution mechanisms in Asia, America and Europe.
Author: Louis F. Del Duca
Author: Louis F. Del Duca
Author: Michael S. Barr
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law
Author: United States. Congress. House. Committee on Oversight and Government Reform. Subcommittee on Domestic Policy
Author: 
Author: United States. Congress. House. Committee on the Judiciary. Subcommittee on Commercial and Administrative Law
Author: United States. Congress. Senate. Committee on the Judiciary. Subcommittee on Administrative Oversight and the Courts
Author: Nancy Welsh
Author: United States. Congress. Senate. Committee on the Judiciary
Author: Shahla F. Ali