LA-based commercial litigator Arsen Kourinian has provided us with some timely notes from last week’s consumer finance litigation conference in Chicago:

On July 16 and 17, 2018, the American Conference Institute (ACI) hosted its 30th National Forum on Consumer Finance Class Actions and Government Enforcement in Chicago. The 2018 conference was well attended by many legal professionals, including in-house counsel, defendants’ and plaintiffs’ counsel, state and federal prosecutors and regulators, and federal judges. Themes covered at the conference included in-house counsel perspectives on aligning litigation costs with business goals, the nature of federal and state enforcement actions by state … Continue Reading

Today the Consumer Financial Protection Bureau announced that it is issuing and seeking public comment on new proposed regulations that would prohibit providers of certain consumer financial products and services from including mandatory arbitration clauses that preclude class-action lawsuits in their consumer contracts.

The proposed rules, which were authorized by Section 1028 of the Dodd-Frank Act, come a little over a year after the CFPB released a lengthy study on the use of such arbitration clauses, and a little over six months after the CFPB issued a press release criticizing their use and announcing its intent to consider such … Continue Reading