CFPB Investigates Benefit of Arbitration Agreements

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The Consumer Financial Protection Bureau (“CFPB” or “Bureau) has started a process that could lead to the eventual unraveling of recent Supreme Court decisions that have upheld consumer arbitration in class-action lawsuits for consumer financial products and services.

The Bureau has launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses, and will assess whether imposing conditions or prohibitions on arbitration would better protect consumers. Comments on the Bureau’s Request for Information are due on or before June 23, 2012.

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Published In: Alternative Dispute Resolution (ADR) Updates, General Business Updates, Consumer Protection Updates, Finance & Banking Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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