FMA Alliance Selected to Speak at CFPB Small Buisness Panel on Arbitration

Houston, TX — FMA Alliance, Ltd. (“FMA”) is excited to announce that Michael Janakes, President, and Lauren Rosenfeld, General Counsel/VP Compliance, have been invited to participate in the Consumer Financial Protection Bureau’s (“CFPB”) panel in relation to the agency’s recent proposals regarding arbitration.

The panel will convene in Washington, D.C. on October 28, 2015, to discuss the impact of the proposed restrictions on small businesses.  The CFPB has assembled this Small Business Reform Enforcement Act (“SBREFA”) panel to allow industry representatives to comment on the potentially burdensome effects of the proposed rule prior to the formal comment period. This proceeding allows the CFPB to mitigate any onerous effects of the regulations in the early stages of rulemaking.

The CFPB’s proposed rule would restrict the use of arbitration clauses except where 1) the clause does not restrict class actions, or 2) a court has already refused to certify the case as a class action or has dismissed the consumer’s class claims. Widely covered by industry and national news, the proposal will impact many businesses within the financial services industry, making FMA’s participation on the SBREFA panel all the more important.

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