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Thursday, December 12, 2013

CFPB Releases Arbitration Clause Report

The CFPB conducted a study on the use of arbitration clauses in connection with financial products and services. The purpose of the study is to determine how arbitration clauses affect consumers. The study found that arbitration clauses are commonly used by large banks in credit card and checking account agreements, but they are not often used by community banks. The Dodd-Frank Act mandates that the CFPB conduct a study on the use of pre-dispute arbitration clauses and gives the Bureau the power to issue regulations regarding the use of such clauses.

Read the CFPB press release.
Read Richard Cordray’s speech.
Read the study results.

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