The Federal Government's Financial Reform Bill Contains Arbitration Limits
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Summary
The sweeping financial overhaul legislation signed into law Wednesday by President Barack Obama contains a provision that allows federal regulators to limit the use of pre-dispute mandatory arbitration clauses in financial contracts.
Among other things, the Wall Street Reform Act bans mandatory arbitration clauses in residential mortgage agreements. It also creates a new federal agency - the Consumer Financial Protection Bureau - which will have the authority to write new rules for contracts governing mortgages, credit cards, and other loan and consumer products, including the power to limit mandatory arbitration if the bureau determines it is in the best interest of the public.See the full content of this document
Extract
The Federal Government's Financial Reform Bill Contains Arbitration Limits
In addition, the law gives the Secu...
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