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Category: Data, research, and reports |

Correcting the record on the CFPB’s arbitration rule

CFPB Director Richard Cordray has published a response to recent criticisms  of the Bureau’s arbitration rule, which stops consumer finance companies from using arbitration agreements to block consumers from joining together to seek relief for industry wrongdoing. 

Category: Info for consumers |

New proposal to ban companies from using arbitration clauses as a free pass to avoid accountability

Buried in many contracts for consumer financial products are arbitration clauses that block consumers from seeking relief through class action lawsuits. Today, we’re releasing proposals under consideration that would stop companies from using these clauses to avoid accountability to their customers.

Category: Policy and compliance | Category: Info for consumers |

Prepaid products: New disclosures to help you compare options

We’re proposing new disclosure requirements that consumers would receive before deciding to open a prepaid account. Currently, each prepaid card company’s retail package discloses different information in different ways. This can be confusing if you’re trying to compare costs between prepaid accounts. Learn more about how we’re making it easier to compare options.

Category: Policy and compliance |

Prepaid cards: Help design a new disclosure

We’re developing new disclosures that will provide a variety of protections for prepaid card users. As a part of this work, we’re developing a model disclosure form to standardize these disclosures and clearly present the most important fees so you can easily identify the best prepaid card for your needs. Take a look, and tell us what you think about the model forms.