Everything You Need to Know About CFPB's Forced Arbitration Rulemaking

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Page updated July 10, 2017

On July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) released its final rule to restrict the use of forced arbitration clauses in consumer financial contracts that prohibit consumers' participation in class action suits. The rule also includes reporting requirements to increase transparency in secretive individual forced arbitration. Below are materials related to the rulemaking. 

CFPB Rule, Statutory Authority, and Other Information

CFPB's Rule on Forced Arbitration

New Protections Against Forced Arbitration, with video and additional resources

CFPB's Proposed Rule 

CFPB's Blog Post: CFPB proposes prohibiting mandatory arbitration clauses that deny groups of consumers their day in court

FINAL REPORT of the Small Business Review Panel on the CFPB’s Potential Rulemaking on Pre-Dispute Arbitration Agreements

Arbitration Study: Report to Congress 2015

Dodd-Frank Wall Street Reform and Consumer Protection Act

NACA Testimony, Releases, and Posts

Press Release: Long-Awaited Rule Restores Right to Band Together in Court Against Bad Actors in Consumer Financial Marketplace

Congress Must Support CFPB's Forced Arbitration Rule

NACA Submits Comment in Support of CFPB Arbitration Rule

NACA's Invited Remarks at CFPB Arbitration Field Hearing Panel

Press Release: NACA Commends CFPB’s Action to Limit Restrictive Fine-Print

NACA Joins 280 Groups Urging Strong Rule on Forced Arbitration

Weaning Wall Street Off Forced Arbitration Clauses

First Posted Comment on the CFPB’s Proposed Arbitration Rule is Masterful

Why is Congress Okay with Corporations Taking Away Our Right to Sue  

Public Official Statements

38 Senators Call on Consumer Agency to Limit Arbitration Agreements in Everyday Financial Contracts

Waters, Conyers, Johnson Lead Over 60 House Democrats in Letter Supporting CFPB Arbitration Proposal

19 State Attorneys General Call for Limits on Forced Arbitration Clauses in Financial Products and Services

Sen. Sherrod Brown (Ohio), Ranking Member, U.S. Senate Banking Committee 
Brown Applauds CFPB’s Action to Defend Consumers’ Rights in Disputes with Financial Services Providers

Sen. Al Franken (Minn.), sponsor, Arbitration Fairness Act
Sen. Franken: New Consumer Protection Proposal Will Limit Unfair Arbitration Agreements for Credit Cards, Checking Accounts, Private Student Loans

Rep. Maxine Waters (Calif.), Ranking Member, U.S. House Financial Services Committee
Waters Lauds CFPB Arbitration Proposal to Protect Consumers

Rep. Hank Johnson (Ga.), sponsor, Arbitration Fairness Act
Rep. Johnson on Consumer Bureau’s Rule Protecting Citizens’ Right to Sue Banks