Photo of Lisa Yun Pruitt

She also serves as a member of the San Diego office’s Diversity and Inclusion Working Group Committee.

The Consumer Financial Protection Bureau (the “CFPB”) is a new federal agency responsible for regulating consumer financial products and services.  On December 12, 2013, the CFPB released a report on the use of arbitration clauses with class action waivers contained in credit card, prepaid card, and checking account contracts.  The Report is part of a broader study on mandatory arbitration clauses required by the Dodd-Frank Act.  The CFPB examined the prevalence of the clause in different markets, the length and complexity of the clause, the frequency and type of arbitration filings, and the incidence of class action waivers in arbitration clauses.
Continue Reading CFPB Report Targets Arbitration Clauses