In the News Today – August 26, 2016
- U.S. Chamber Continues to Fight CFPB Arbitration Plan: The CFPB “has closed its eyes to the inevitable real-world consequence of its proposed rule: the elimination of arbitration, which would leave consumers without any means of redressing the injuries they most often suffer,” wrote David Hirschmann, president of the Chamber’s Center for Capital Markets Competitiveness, and Lisa Rickard, president of the Chamber’s Institute for Legal Reform. “The only possible conclusion is that the Bureau has been driving this regulatory process to a pre-determined conclusion—that class actions are worth any cost to consumers.” (American Banker)
- ILR Contests Unclaimed Insurance Reform Bill in Illinois: “Approval of this legislation will likely increase the problem of overreaching audits that are frequently conducted on behalf of states by private audit firms hired under contingency fee arrangements. The explosion of irrational unclaimed property enforcement audits is often driven by profit-motivated private audit firms, and these audits have become a national concern for American businesses,” wrote ILR in a letter to Gov. Bruce Rauner urging a veto. Rauner is set to act on the bill today. (Crain’s Chicago Business)
