On October 7, the Consumer Financial Protection Bureau (“CFPB”) proposed a ban on class action waivers in consumer financial products and services contracts. Pending review by a Small Business Review Panel, the ban would potentially take effect in 2018, resulting in increased class action litigation against financial institutions. The proposal does, however, preserve mandatory pre-dispute … Continue Reading
On May 19, 2015, the Consumer Financial Protection Bureau (“CFPB” or “Bureau”) filed a complaint and proposed consent order against PayPal, Inc. and its subsidiary Bill Me Later, Inc. (collectively, “PayPal”) in the U.S. District Court for the District of Maryland. If the court approves, the settlement will require PayPal to pay $15 million in … Continue Reading
