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Mandatory Arbitration Denies Access to Justice
(Web Page; Tue May 15 12:46:00 CDT 2012)
Most people assume they can take their grievances to court if a lender violates the law. Unfortunately, many borrowers are denied that option through "binding mandatory arbitration" (BMA), a common clause in loan contracts. Barred from...
As CFPB Studies Arbitration, Lobbying Intensifies
(Web Page; Wed Dec 19 09:22:00 CST 2012)
With the Consumer Financial Protection Bureau currently in the midst of a study that will help it determine whether to abolish or more tightly regulate mandatory arbitration requirements, lobbyists are lining up in full force on either s...
(File; Fri May 01 12:50:00 CDT 2009)
Description: Summary of Ernst & Young's Arbitration Outcomes Report
Consumer Bureau May Have Final Say on Arbitration Clauses
(Web Page; Tue May 01 15:47:00 CDT 2012)
The Consumer Financial Protection Bureau (CFPB) has sought public comment on "how consumers and financial services companies are affected by arbitration and arbitration clauses." CFPB director Richard Cordray says, "Arbitration clauses a...
What Is Arbitration? You Sign Away Rights. Is That OK?
(Web Page; Wed May 16 13:17:00 CDT 2012)
Many consumers may not even realize that they have signed an arbitration clause with their cell phone carrier or credit card provider, under which they agree to forgo their right to a trial or lawsuit if a dispute arises. Instead, the ca...
The End of Arbitration Agreements in Lending Docs Is Nigh
(Web Page; Tue May 21 13:55:00 CDT 2013)
Starting on June 1, mandatory arbitration agreements no longer will be allowed within certain mortgage documents. The Truth in Lending Act change "bans terms that require arbitration or any other non-judicial procedure to resolve any con...
Court Rules for Arbitration in Credit Card Case
(Web Page; Fri Jan 13 14:24:00 CST 2012)
The U.S. Supreme Court has ruled for Synovus Financial and CompuCredit Holdings,
agreeing that credit card claims by consumers under the Credit Repair
Organizations Act must be handled in arbitration -- not in court. The decision,
Mandatory Arbitration Reports and Papers
(Web Page; Fri Aug 20 10:58:00 CDT 2010)
Separate and Unequal Justice: The Case Against Binding Mandatory Arbitration for Homebuyers
Center for Responsible Lending
Mo. Supreme Court Says Payday Lenders Can Require Customers Go to Arbitration Instead of Court
(Web Page; Fri Mar 09 10:27:00 CST 2012)
Missouri Supreme Court on March 6 ruled that payday lenders can force customer
complaints into arbitration, but it also criticized some of the wording in
payday lending contracts that explains the terms of arbitration and forbids
Comments on Ernst & Young Arbitration Outcomes Report
(Web Page; Fri Aug 20 10:01:00 CDT 2010)
View this document (PDF)
Ernst & Young LLP recently released a report discussing the outcomes of binding mandatory arbitration (“BMA”) in credit-related, consumer-initiated arbitration cases.1 As an increasingly standard cont...