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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 | Category: Policy and compliance |

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 |

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 |

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.