Lawsuit threat looms for US ABS

The Consumer Financial Protection Bureau (CFPB) has passed a rule on Monday to eliminate arbitration clauses, which stop consumers bringing class action lawsuits, in a move which could hurt the US securitization market and cause more legal trouble for the big banks. But Republicans have dug in and vowed to fight the rule.

  • By Sasha Padbidri
  • 13 Jul 2017

The new rule applies to the major markets for consumer financial products and services overseen by the CFPB, including those that lend money, store money, and move or exchange money. Existing legislation already bans arbitration clauses in the residential mortgage market.

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,091.24 36 12.97%
2 Wells Fargo Securities 9,312.78 29 9.23%
3 JPMorgan 9,090.89 29 9.01%
4 Bank of America Merrill Lynch 8,898.12 26 8.82%
5 Credit Suisse 4,676.43 10 4.63%