NMP - August 2017 - 55

Recently, there has been quite a lot of weeping and
gnashing of teeth against the big, bad Bureau, the
dragon with the scary name, Consumer Financial
Protection Bureau (CFPB). The dragon slayers, such
as banks and non-banks, are fighting the dragon on its
most recent fiery huffing and conflagrant puffing on a
new rule involving arbitration clauses.
The ire of the dragon slayers is limitless due to the
fact that the dragon has issued a "disgraceful,"
"egregious," "outrageous," and "shameful," final rule
that bans companies from using arbitration clauses to
bar consumers from filing class action lawsuits. The
dragon slayers have formed a conclave consisting of
banks, nonbanks, credit card companies, and sundry

55

other companies to fight the good fight. They are even
threatening to storm the dragon's redoubt by pitching

administration, mustering up in their cause a bevy of
like-minded acolytes, disciples, groupies, hangers-on,
oodles of assorted politicians and other baby-kissers.
On July 10, 2017, the Bureau announced the release

door for more consumer class actions against financial
institutions concerning financial products and
services.1 Many consumer contracts, such as credit
card and bank agreements, contain mandatory
arbitration clauses. These clauses typically require
consumer disputes to be arbitrated rather than
litigated in court, with the goal to prevent class action
lawsuits from being filed. But consumer advocacy
groups have long complained about such clauses,
continued on page 77

n National Mortgage Professional Magazine n AUGUST 2017

of its anticipated Arbitration Rule, which opens the

NationalMortgageProfessional.com

at it the magical incantations of the Trump



Table of Contents for the Digital Edition of NMP - August 2017

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