Pending Rulemakings

Prior to issuing a final rule, the CFPB must go through a notice-and-comment rulemaking process. This includes publishing notice of a Proposed Rule in the Federal Register and offering an opportunity for interested parties to provide comment before it can adopt a rule.  Below is a list of CFPB rulemakings that are ongoing, but in various stages of the rulemaking process.

On May 5, 2016, the CFPB released a Proposed Rule to prohibit the use of class action waivers in pre-dispute arbitration agreements in certain contracts for consumer financial products and services.

In comments submitted on Aug. 22, 2016, ACA urged the CFPB to withdraw the arbitration Proposed Rule and take a more balanced approach that will allow it to achieve the same public policy goals that it purports to achieve through a ban on class action waivers, but in a way that preserves individual arbitration, does not run afoul of explicit congressional directives, and is fair for consumers and compliance-minded businesses.

Notice of Proposed Rulemaking Materials

Arbitration Small Entity Compliance Guide (Sept. 2017)

Final Arbitration Rule (July 2017)

Final Arbitration Rule Executive Summary by CFPB (July 2017)

Director Cordray’s Prepared Remarks Arbitration (June, 2017)

Arbitration Notice of Proposed Rulemaking (May 2016)

News Release, Arbitration Field Hearing (May 5, 2016)

Director Cordray’s Prepared Remarks, Arbitration Field Hearing (May 5, 2016)

SBREFA Materials

SBREFA Panel Final Report (December 2015)

Outline of Arbitration Proposals for SBREFA

Arbitration SBREFA Discussion Questions

News Release, Arbitration Field Hearing (October 7, 2015)

Director Cordray’s Prepared Remarks, Arbitration Field Hearing (October 7, 2015)

Arbitration Study Materials

CFPB Arbitration Study Report to Congress (March 2015)

Comments

06.21.12 – ACA Submits Comments on Pre-Dispute Arbitration Agreements 

On June 2, 2016, the CFPB released a Proposed Rule which contained complex and onerous requirements related to payday loans, vehicle title loans, and certain high-cost installment loans.  Central to the Proposed Rule is the requirement that covered lenders would have to reasonably determine that a consumer will have the ability to repay before making a loan. 

Focusing on the flawed process that led to the Proposed Rule, on Oct. 7, 2016, ACA submitted comments urging the CFPB to withdraw the misguided proposal and take appropriate steps to ensure that any new regulations are reflective of operational realities, demonstrate an accurate understanding of consumer need, and adhere to important SBREFA requirements.

Notice of Proposed Rulemaking Materials

SBREFA Panel Materials

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