Preliminary Arbitration Study Faults Banks for Blocking Consumers
December 16, 2013
Last week, the CFPB released preliminary research on the use of arbitration clauses in connection with consumer financial products and services, finding that roughly nine out of 10 of such clauses in credit card and checking account agreements allow banks to prevent consumers from participating in class actions. The bureau said its research also shows that while tens of millions of consumers are subject to arbitration clauses in the markets the CFPB studied, on average, consumers filed 300 disputes in these markets each year...