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CFPB Launches Public Inquiry into Arbitration Clauses 

April 25, 2012 -- The Consumer Financial Protection Bureau (CFPB) launched a public inquiry into how consumers and financial services companies are affected by arbitration and arbitration clauses. “Arbitration clauses are found in many contracts for consumer financial products,” said CFPB Director Richard Cordray. “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.” For purposes of conducting the study, the Bureau is asking the public about topics that include the prevalence of arbitration clauses in consumer financial products and services; what claims consumers bring in arbitration against financial services companies; and if  claims are brought by financial services companies against consumers in arbitration. Read more.
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