Summary provides ‘map’ of new arbitration rule

Aug. 10, 2017 -- Serving as a “map” of sorts to CFPB’s new rule regulating pre-dispute arbitration clauses in consumer financial contracts, NASCUS has developed and posted a summary of the regulation’s executive summary. While the rule itself (which takes effect Sept. 18) occupies 228 pages in the printed version of the Federal Register, the NASCUS summary looks at the more concise executive summary of the directive, and in about four pages outlines crucial portions, including: who “providers” are under the rule; covered consumer products/services under the rule; the scope of pre-dispute arbitration agreements; provisions required under arbitration agreements; submission of required records, and more.

NASCUS Summary: Executive Summary of CFPB Arbitration Agreements Rule