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CFPB Issues Final Arbitration Rule. Predispute Arbitration Agreements Permitted but Class Action Waivers Banned. Reg Requires Submission of Arbitration Data; Carves Out SRO Arbitration

The Consumer Financial Protection Bureau (“CFPB”) on July 10 issued its long-anticipated arbitration rule, with few surprises.

Recall that Dodd-Frank section 1028 directs the CFPB to study the use of PDAAs in contracts for consumer financial products and services and later report to Congress,

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