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Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Field Hearing on Arbitration Clauses

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. 

Category: Press release |
Published

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 […]

Category: Speech |
Published

Prepared Remarks of CFPB Director Richard Cordray at the Arbitration Field Hearing

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 […]

Category: Press release |
Published

CFPB Study Finds That Arbitration Agreements Limit Relief for Consumers

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 […]