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Two bills making their way through Congress are taking aim at the practice of including binding arbitration agreements in consumer-facing contracts, particularly those in financial industry contracts. In March, Sen. Sherrod Brown, D-Ohio, introduced the Arbitration Fairness for Consumers Act (S. 630) in the Senate Committee on Banking, Housing, and Urban Affairs. Sen. Brown’s bill proposes amendments to the Consumer Financial Protection Act of 2010 (CFPA) by prohibiting mandatory arbitration and class action waivers in…
An Obama-era regulation intended to restrain discriminatory lending practices by automobile lenders appears to be on its way out. On April 18, under the Congressional Review Act (CRA), the Senate voted to repeal the Consumer Financial Protection Bureau’s (CFPB’s) 2013 guidance on dealer markups in the automobile lending process. The CFPB’s guidance was in response to discriminatory lending allegations arising out of auto dealers’ use of third-party lenders to secure financing for consumer automobile purchases.…