New protections against mandatory arbitration
Our new arbitration rule will make it easier for consumers to file or join an existing group lawsuit if they are harmed by a financial service provider, such as a bank or credit card company.
<div class="m-notification m-notification__visible m-notification__warning m-<div class="m-notification m-notification__visible m-notification__warning"><svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 1000 1200" class="cf-icon-svg"><path d="M500 105.2c-276.1 0-500 223.9-500 500s223.9 500 500 500 500-223.9 500-500-223.9-500-500-500zm-49.7 234.6c0-27.6 22.4-50 50-50s50 22.4 50 50v328.6c0 27.6-22.4 50-50 50s-50-22.4-50-50V339.8zm50 582.5c-39.6 0-71.7-32.1-71.7-71.7s32.1-71.7 71.7-71.7S572 811 572 850.6s-32.1 71.7-71.7 71.7z"></path></svg><div class="m-notification_content"><p class="m-notification_message">On Nov. 1, 2017, the President signed a joint resolution passed by Congress disapproving the Arbitration Agreements Rule under the Congressional Review Act (CRA). Pursuant to the joint resolution, the Arbitration Agreements Rule has no force or effect. On Nov. 22, 2017, the Bureau published a <a href="https://www.federalregister.gov/documents/2017/11/22/2017-25324/arbitration-agreements">notice</a> removing the Arbitration Agreements Rule from the Code of Federal Regulations. The materials relating to the Arbitration Agreements Rule on the Bureau’s website are for reference only.</p></div></div>
Take Action Together
Watch to see how mandatory arbitration clauses deny groups of people their day in court.
Resources
Understanding arbitration for consumers
If you want to learn more about arbitration and how we’re working to protect your rights, we have additional information and resources.
Key milestones in the rulemaking process
Date | Milestone |
---|---|
April 24, 2012 | CFPB launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. |
Dec. 12, 2013 |
CFPB releases the Arbitration Study Preliminary Results and held a field hearing including remarks by Director Cordray. Learn more in the press release. |
March 10, 2015 | CFPB releases the Arbitration Study final report and held a field hearing including remarks by Director Cordray. Learn more in the press release and our blog. |
Oct. 20, 2015 |
The CFPB convened the Small Business Review Panel. The Small Business Review Panel Outreach Meeting with Small Entity Representatives was held on October 28, 2015. Learn more in the Final Report of the Panel published on December 11, 2015. |
May 5, 2016 | CFPB issued a proposed rule on arbitration agreements and held a field hearing including remarks by Director Cordray. Learn more in the press release and our blog. |
Aug. 17, 2016 |
CFPB held a tribal consultation on the proposed rule. |
July 10, 2017 |
CFPB issued a final rule entitled Arbitration Agreements. |