A U.S. Supreme Court decision limiting class-action lawsuits may be but a short-lived victory for banks and other corporations. A provision in the Dodd-Frank Act will allow the Consumer Financial Service Bureau to revisit the issue at the heart of the 5-4 ruling in AT&T Mobility LLC v. Concepcion.

"The problem for them, assuming that philosophically they'd like to get rid of arbitration, is that the empirical data is already out there … on the fairness of arbitration," said Alan S. Kaplinsky, Chair of Ballard Spahr's Consumer Financial Services Group. "I am optimistic that if they conduct a fair study—and that’s going to depend a lot on who the director is—if they do a fair study they're not going to be able to prohibit or restrict in any material way the use of arbitration, because arbitration has helped consumers, it hasn’t hurt them," Mr. Kaplinsky said.