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Senate Nullifies Arbitration Rule in Huge Setback to CFPB

Late Tuesday evening the Senate voted to nullify the Consumer Financial Protection Bureau’s (“CFPB” or “Bureau”) controversial Arbitration Agreements Rule (“Rule”).  All but two Senate Republicans supported a resolution to repeal the Rule pursuant to the Congressional Review Act.  While there were rumors that one or two Democrats might also lend their support, none ultimately … Continue Reading

Treasury Report Takes Aim at CFPB Arbitration Rule

The CFPB’s Arbitration Agreements Rule (“Rule”), which was finalized on July 18, 2017, came under fire today in a report released by the U.S. Department of Treasury (“Treasury”).  The 18-page report details the “extraordinary costs” the Rule will impose if implemented—more than $500 million in additional legal defense fees, $330 million in payments to plaintiffs’ … Continue Reading

D.C. Circuit Court Strikes Opt-Out Notice Requirement For Certain Faxes

On Friday, in a decision certain to please the business community as well as the Chair and new majority of the Federal Communications Committee, the D.C. Circuit struck down parts of the FCC’s October 30, 2014 Order, 29 F.C.C. Rcd. 13998 (FCC 14-164), requiring that solicited faxes (those sent with consent of the recipient) must … Continue Reading

Hastert Reaches Plea Deal in Anti-Money Laundering Case – Guilty Plea Expected

As I reported in a June 2, 2015 client alert, on May 28, 2015, Dennis Hastert, former Speaker of the U.S. House of Representatives, was indicted by a federal grand jury in the Northern District of Illinois. Mr. Hastert, a former high school teacher and football coach, was charged with making a “materially false, fictitious, … Continue Reading

CFPB Moves to Ban Class Action Waivers But Will Not Ban Individual Arbitration

In a move that the financial industry long anticipated but nonetheless greeted with loud groans, the Consumer Financial Protection Bureau (“CFPB”) on October 7, 2015 proposed to ban class action waivers in contracts for consumer financial products and services. Although the proposed ban would not take effect for a few years, it would have a … Continue Reading

Reed Smith’s James Burns Discusses Recent NLRB Attacks on Bank Workplace Policies

In a recent article appearing in Illinois Banker magazine, “Beyond Social Media Policies: Have Other Common Employer Policies and Practices Been Struck Down by the National Labor Relations Board,” Reed Smith Chicago partner James A. Burns, Jr. discusses some of the more aggressive positions that the National Labor Relations Board (NLRB) has taken against certain common … Continue Reading

Legal Intelligencer Features Reed Smith Analysis of Pennsylvania Bank Legislation

Recently, The Legal Intelligencer featured an in-depth analysis by FSRG members Michael Bleier, Len Bernstein and Lauren Abbott regarding important changes in Pennsylvania banking laws. Dubbed the “banking modernization legislation,” these new laws address a variety of issues in Pennsylvania banking, including greatly expanding the regulatory and enforcement tools available to the Pennsylvania Department of … Continue Reading
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