"The CFPB seems to be setting the stage for a rulemaking which will likely not be favorable to the industry," said Alan Kaplinsky, who heads the consumer financial services group at Ballard Spahr.

CFPB's Mind Already Made Up on Arbitration, Banks Charge

Banking groups fear the Consumer Financial Protection Bureau is already gearing up to write tough new rules restricting the use of arbitration clauses despite promises by agency officials that a study on the issue was only "preliminary" and not designed to pass judgment.

To continue, please log in, register or subscribe.
Already a subscriber? Log in here
Please note you must now log in with your email address and password.

Already a subscriber? Log in here
Please note you must now log in with your email address and password.