Arbitration Agreements

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Bureau of Consumer Financial Protection 12 CFR Part 1040 [Docket No. CFPB-2016-0020] RIN 3170-AA51 AGENCY: Bureau of Consumer Financial Protection. ACTION: Proposed rule with request for public comment. SUMMARY: Pursuant to section 1028(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( Pub. L. 111-203 ), the Bureau of Consumer Financial Protection (Bureau) is proposing to establish 12 CFR part 1040 , which would contain regulations governing two aspects of consumer finance dispute resolution. First, the proposed rule would prohibit covered providers of certain consumer financial products and services from using an agreement with a consumer that provides for arbitration of any future dispute between the parties to bar the consumer from filing or participating in a class action with respect to the covered consumer financial product or service. Second, the proposal would require a covered provider that is involved in an arbitration pursuant to a pre-dispute arbitration agreement to submit specified arbitral records to the Bureau. The Bureau proposes that the rulemaking would apply to certain consumer financial products and services. The Bureau is also proposing to adopt official interpretations to the proposed regulation. DATES: Comments must be received on or before August 22, 2016. ADDRESSES: You may submit comments, identified by Docket No. CFPB-2016-0020 or RIN 3170-AA51, by any of the following methods: Email: FederalRegisterComments@cfpb.gov . Include D…