In 2017, the Consumer Financial Protection Bureau (CFPB) issued a first-of-its-kind rule limiting the use of forced arbitration when it is used by banks and financial institutions against American consumers.

The CFBP did so at Congress’ behest. During the debate on the Dodd-Frank financial reform legislation, Congress wanted the CFPB to study forced arbitration clauses in the consumer finance market and if Congress’ concerns were realized, to promulgate a rule to protect consumers against the abuses of forced arbitration.

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