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Monday, January 23, 2012

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Listed below are links to weblogs that reference Michelle Singletary (and Richard Cordray) on Mandatory Consumer Arbitration:

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John B.

CFPB needs and must do the study. I expect they will identify risks and benefits to consumers for the use of arbitration (because they have to be balanced). I expect they will recommend that arbitration in some financial agreements not be permitted (such as when the consumer enters in to a transaction and then has 30 days after the transaction to 'opt out' of arbitration). Why - because the consumer should know going in not after the transaction and be able (at the time of the transaction) to make their choice. I believe they will recommend that Congress consider creating a consumer exception under the Federal Arbitration Act. What the CFPB should not do - even though it is highly desirable - is to ban arbitration in consumer financial transactions. They have braod authority - but it is hard to see how that action will survive a challenge. Bascially the CFPB having the authority to overturn a US Supreme Court decision and to disregard law and Congressional intent. That could actually result in dismantling of the CFPB.

hasid ngone

Who can e-mail/ or contact Richard Cordray, CFPB when you need him?

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It will be interesting to see how the economic recession and home foreclosures during the past two years affects the next survey's results.

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The last survey found that the most frequent types of fraud included fraudulent weight-loss programs, fraudulent foreign lotteries and buyers clubs.

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