Companies should begin preparing for the possibility that the new Bureau of Consumer Financial Protection will use its power to limit the scope of a recent U.S. Supreme Court ruling on class-action waivers, said Alan S. Kaplinsky, Chair of Ballard Spahr's Consumer Financial Services Group. The Court, in AT&T Mobility LLC v. Concepcion, ruled that federal law trumps state law in allowing companies to use arbitration clauses that prohibit customers from joining class actions against the companies.

Mr. Kaplinsky said he is advising clients to start crafting class-action waivers now rather than wait for the federal consumer bureau to restrict the use of arbitration clauses. "It will take several years before the new bureau gets around to the issue," he said. "They have so much else on their plate."