TS CFPB Advisory: Pre-Dispute Arbitration Clauses Under CFPB Scrutiny
On April 24, 2012, the Consumer Financial Protection Bureau announced the launch of a public inquiry into how arbitration clauses and arbitration itself affect financial services companies and consumers. CFPB Director Richard Cordray stated that “arbitration clauses are found in many contracts for consumer financial products, [and] we want to learn how arbitration clauses affect consumers and how effective arbitration is in resolving consumers’ issues. This inquiry will help the Bureau assess whether rules are needed to protect consumers.”
To read the full Troutman Sanders CFPB Advisory, click here.