CFPB Director Cordray explains why the arbitration rule will benefit consumers.
CFPB Issues Rule to Ban Companies From Using Arbitration Clauses to Deny Groups of People Their Day in Court
Financial Companies Can No Longer Block Consumers From Joining Together to Sue Over Wrongdoing
Today, we are announcing a final rule that prevents financial companies from using mandatory arbitration clauses to deny groups of consumers their day in court.
Consumer Financial Protection Bureau Proposes Prohibiting Mandatory Arbitration Clauses that Deny Groups of Consumers their Day in Court
Bureau Seeks Comment on Proposal to Ban a Contract Gotcha that Prevents Groups of Consumers from Suing Consumer Financial Companies
Thank you to Albuquerque for the warm welcome you have given us. This is our 34th field hearing since the Consumer Financial Protection Bureau first opened its doors and started traveling the country to listen to the everyday concerns of American consumers. Each one of these field hearings has been valuable for us. They give us insight and substance to inform our work, and they humanize the challenges posed in the financial marketplace.
Thank you to the American Constitution Society for inviting me to speak today as part of the Access to Justice Series. I have a deep appreciation for the work you are doing to bring together attorneys, both young and old, who share a common commitment to understanding how the law can be put in service […]
I want to welcome you all to this meeting of the Consumer Advisory Board. I am sorry that my attendance at the FDIC’s Board meeting caused me to miss this morning’s session; I heard it was a lively discussion. I especially want to extend a warm welcome to the newest members of the CAB, who […]
CFPB Considers Proposal to Ban Arbitration Clauses that Allow Companies to Avoid Accountability to Their Customers
Proposal Would End the Free Pass Companies Use Against Group Lawsuits WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer […]
Thank you all for joining us in Denver today. We are here to talk about something important that is often buried deeply in the fine print of many contracts for consumer financial products and services, such as credit cards and bank accounts. It is called an arbitration clause, or more precisely, a mandatory pre-dispute arbitration […]
WASHINGTON, D.C. — Today, the Consumer Financial Protection Bureau released 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 […]