News Coverage on the Financial Bureau's Proposal to Limit Forced Arbitration

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Oct. 8 - Yesterday, the Consumer Financial Protection Bureau held a field hearing in Denver to discuss its proposal to address the use of forced arbitration in financial products and services contracts. The CFPB seeks to regulate forced arbitration clauses by barring terms that restrict consumer participation in class actions. This proposal would restore remedies for millions of consumers cheated by predatory financial practices. However, the CFPB does not propose to outright eliminate forced arbitration clauses, as the National Association of Consumer Advocates and allies have long advocated. Below is some news media coverage on the issue and the field hearing.

Denver Post, Consumer advocates want class actions restored as legal remedy

New York Times, Protection Bureau Seeks End to Arbitration-Only Clauses in Consumer Contracts

The Recorder, Consumer Lawyers Cheer CFPB Arbitration Proposal

Consumer Reports, CFPB Proposal Would Curb Negative Impact of Arbitration Clauses on You

Bankrate, CFPB wants to let customers sue banks

Investment News, Mandatory arbitration reform on the docket at CFPB

USA Today, CFPB may let you sue your bank instead of going to arbitration

CBS News, It may soon get easier to sue your bank

Washington Post, Consumers could soon find it easier sue their banks

Reuters Blog, Big Business wants to kill CFPB’s anti-arbitration rule. Here’s the game plan.

Wall Street Journal, Sue the Bank? You May Get Your Shot 

Market Watch, Government’s consumer bureau targets mandatory arbitration 

Consumer Affairs, CFPB may ban arbitration clauses in financial service contracts 

ABC News, Financial Regulators Move to Restrict Forced Arbitration

U.S. News & World Report, Consumer Financial Protection Bureau moves to curb forced arbitration, a contentious practice

Seattle Times, Financial regulators move to restrict forced arbitration