Ben Kaplan and Joe Olson were quoted in Bloomberg Law's article, "Financial Firms Wait on CFPB Move to Curb Arbitration" on February 1, 2016.
"It's an uncertainty on what the rulemaking will yield—on what the outcomes will be,” Ben Kaplan, an associate with Michael Best & Friedrich LLP who specializes in class-action defense and consumer litigation, told Bloomberg BNA. Some companies, he said, may not want to go through the trouble of rewriting their contracts now to include the clauses, only to have to do it again to take them out if the CFPB ultimately promulgates a rule banning them.
When the CFPB may take that step is unknown. A spokesman told Bloomberg BNA that the bureau continues to gather information from stakeholders on the arbitration rulemaking.
A final regulation is unlikely to take effect before late 2017 or 2018, Joe Olson, a partner and class-action defense specialist with Michael Best & Friedrich LLP, told Bloomberg BNA. The 2010 Dodd-Frank Act calls for a 180-day interim from final action on an arbitration rule to its effective date."