On April 20, 2016, Congressman Sean Duffy sent a letter to Director Cordray indicating that the House Financial Services Committee is investigating “the examination and possible regulation by the [CFPB] of pre-dispute arbitration agreements in contracts for consumer financial products and services.” Now that the CFPB has formally released its proposed arbitration rule banning the use of class action waivers, that investigation is likely to intensify.
In his letter, Mr. Duffy requested the following information by May 4, 2016:
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All communications relating to pre-dispute arbitration agreements between the CFPB and the American Associations for Justice, National Consumer Law Center, National Association of Consumer Advocates, Alliance for Justice, and Public Justice.
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All internal CFPB communications relating to pre-dispute arbitration agreements
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All draft reports concerning arbitration agreements
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All records relating to the SBREFA process used in considering any actions pertaining to pre-dispute arbitration agreements
Politico reported that, according to a House aide, the Committee had not received a response from Director Cordray as of May 4.
