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We’ve issued a new rule on arbitration to help groups of people take companies to court

Arbitration clauses in consumer financial product and service contracts like credit cards and bank accounts prevent groups of people from taking companies to court for harms that affect many people. Our new rule will help the many people who are harmed together take action together.   

CFPB proposes prohibiting mandatory arbitration clauses that deny groups of consumers their day in court

Today, we are proposing rules that would prohibit mandatory arbitration clauses that deny groups of consumers their day in court. Our proposal is designed to protect consumers’ right to pursue justice and relief and deter companies from violating the law.

Published 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.

We took a look at arbitration agreements and here’s what we found

Tens of millions of consumers use financial products or services like credit cards and student loans that include pre-dispute arbitration clauses in their agreements. These clauses can require disputes be resolved through arbitration, rather than through the court system. Since 2012, we’ve being working on a study of arbitration provisions and report to Congress. Here’s what we learned and why it matters.