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Robert Long Quoted on The Street Regarding CFPB Arbitration Rule's Future

Partner Robert Long is quoted in The Street article titled, “Equifax Data Disaster Brings Consumer Bureau Arbitration Rule Into Spotlight.” The piece explores the fate of a rule by the U.S. Consumer Financial Protection Bureau (CFPB) that would bar companies from inserting mandatory arbitration clauses into contracts with consumers. After the credit reporting agency Equifax recently announced a data breach, it was widely reported that its offer of free credit monitoring services to affected consumers included language restricting those who opted in and had a dispute with the company to forced arbitration, and barring them from joining class-action lawsuits possibly even those related to the breach. Equifax later limited the clause, but the incident arguably dimmed the prospects of a repeal of the CFPB arbitration rule, which has yet to go into effect. Long commented, “The winds have shifted. The CFPB's rule is less likely to be repealed now."

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