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 Release. Proposed Rule.
consumers
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.
Fed Updates to Regulation Z
On March 18, the Fed approved a rule amending Regulation Z (TILA) which enhances protections for consumers who use credit cards. The rule will be effective on October 1. Fed Release. Fed Rule.