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Category: Data, research, and reports |
Published

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 | Category: Policy and compliance |
Published

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.   

Category: Info for consumers |
Published

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: At the CFPB |
Published

Live from Denver!

Today, we held a field hearing on arbitration in Denver. The hearing featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

Category: At the CFPB |
Published

Live from Newark!

Today, we held a field hearing on arbitration in Newark, N.J. The event featured remarks from Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public.

Category: Data, research, and reports |
Published

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.

Category: At the CFPB |
Published

Save the date, Dallas, Texas!

Join us for a field hearing in Dallas, Texas on arbitration. The hearing will take place on Thursday, December 12 at 11 a.m. CST. The event will feature remarks from CFPB Director Richard Cordray, as well as testimony from consumer groups, industry representatives, and members of the public. The field hearing will take place at: […]

Category: Policy and compliance | Category: Data, research, and reports |
Published

Help us design a consumer survey about mandatory pre-dispute arbitration

As part of our effort to study the use of mandatory pre-dispute arbitration clauses in consumer financial contracts, today we are proposing to conduct a nationwide telephone survey of 1,000 credit card holders. In Section 1028 of the Dodd-Frank Act, Congress instructed us to complete a study about arbitration. We released a Request For Information […]