Not long after launching in 2011, the Consumer Financial Protection Bureau turned its gaze to the fine print of companies’ contracts with customers — namely, the arbitration clauses that force disputes out of court.

The bureau conducted what many consider the most comprehensive study of arbitration ever done, concluding that the contract terms make it “nearly impossible for people to take companies to court when things go wrong,” as CFPB Director Richard Cordray said. In July 2017, the CFPB finalized a rule banning arbitration agreements that prevent consumers from filing class actions.

This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.

LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.

For questions call 1-877-256-2472 or contact us at [email protected]