CFPB issues Arbitration Rule
The CFPB has issued its final rule regarding the use of pre-dispute arbitration agreements in connection with certain consumer financial products and services. Generally, the rule prohibits arbitration clauses from barring a consumer from filing or participating in a class action. The rule is effective 60 days after publication in the Federal Register, but only applies to pre-dispute arbitration agreements for covered products entered into on or after the 241st day following publication.