Field hearing on arbitration in Newark, NJ

CFPB Director Richard Cordray announced the release of a study indicating that arbitration agreements restrict consumers’ relief for disputes with financial service providers by limiting class actions. The report found that, in the consumer finance markets studied, very few consumers individually seek relief through arbitration or the federal courts, while millions of consumers are eligible for relief each year through class action settlements. The Bureau’s report also found that more than 75 percent of consumers surveyed did not know whether they were subject to an arbitration clause in their agreements with their financial service providers, and fewer than 7 percent of those covered by arbitration clauses realized that the clauses restricted their ability to sue in court.

Newark, NJ

Essex County College 303 University Avenue J. Harry Smith Lecture Hall Newark, NJ 7102

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The CFPB released a study indicating that arbitration clauses in agreements between consumers and financial service providers restrict dispute relief for consumers by limiting their ability to sue the financial service provider in court.

Agenda

Time Agenda Location Speakers
Opening Remarks Zixta Martinez, Associate Director of External Affairs, Consumer Financial Protection Bureau
Remarks by CFPB Director Richard Cordray
Panelist Introductions and Remarks Paul Bland, Executive Director, Public Justice; Myriam Gilles, Professor of Law, Cardozo School of Law, Yeshiva University; Dong Hong, Vice President, Regulatory Counsel, Consumer Bankers Association; Alan Kaplinsky, Partner, Ballard Spahr; Jane Santoni, Partner, Williams & Santoni, LLP; Louis Vetere, President and CEO, Garden Savings Federal Credit Union
Audience Testimony Open microphone for public participation
Hearing Concludes