Three industry trade groups told the CFPB that the bureau’s own study of mandatory pre-dispute arbitration agreements back in March shows that arbitration has “significant, demonstrable benefits over litigation in general and class action litigation in particular.” In a joint letter to the bureau, the American Bankers Association, the Consumer Bankers Association and The Financial Services Roundtable said arbitration “is faster, less expensive and more effective than class action litigation.” Customers who prevail in an individual arbitration recover monetary benefits that, on average, are approximately 166 times greater than the sums received by the average class member in a class action settlement, they went on to note. “Simply put, there are insufficient data in the [CFPB] study to support a ...