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Tuesday, April 24, 2012

CFPB Begins Looking at Arbitration

The CFPB announced today it will review how consumers and financial services companies are affected by arbitration and arbitration clauses. In a request for information, it listed five pages of questions in five areas intended to inform further action:
  • The prevalence of arbitration clauses in consumer financial products and services;
  • What claims consumers bring in arbitration against financial services companies;
  • If claims are brought by financial services companies against consumers in arbitration;
  • How consumers and companies are affected by actual arbitrations; and
  • How consumers and companies are affected by arbitration clauses outside of actual arbitrations.
Comments are due by June 23.

Read the CFPB's press release.
Read the Request for Information on Arbitration.

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