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.

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 notice 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.

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.