Consumer advocacy groups have submitted a rulemaking petition to the U.S. Consumer Financial Protection Bureau, urging the agency to prohibit companies from requiring consumers to agree to arbitrate potential claims in advance of any actual dispute.
If law professors’ signatures carried authoritative weight, the U.S. Consumer Financial Protection Bureau would already be drafting a new rule to prohibit the companies it regulates from requiring consumers to agree to arbitrate potential claims in advance of any actual dispute.
The rulemaking petition argues that the CFPB must fulfill its statutory obligation to protect consumers and act in the public interest by making sure that customers of financial institutions are not forced to waive their rights without even knowing what they’re conceding
Consumer Financial Protection Bureau Rulemaking Petition Forced Arbitration Consumer Advocacy Groups Financial Institutions
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