consumers

CFPB Proposes Prohibition on Mandatory Consumer Arbitration Clauses

On May 5, 2016, the Consumer Financial Protection Bureau (CFPB) issued and sought comment on proposed rules prohibiting mandatory arbitration clauses that deny groups of consumers their day in court.  Under the proposed rules, companies would be prohibited from putting mandatory arbitration clauses in new consumer contracts that would prevent consumers from bringing class actions.  Comments must be received on or before 90 days after publication in the Federal Register.  Press ReleaseProposed Rule.

The Federal Reserve Bank of New York Releases Survey of Consumer Expectations

On October 14, the Federal Reserve Bank of New York released results from its September 2014 Survey of Consumer Expectations (SCE).  The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing and education to behave.  It also provides insight into Americans’ views about job prospects and earnings growth and their expectations about future spending and access to credit.  Release.  Survey.