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The U.S. Chamber of Commerce and 13 banking and business associations have filed a federal lawsuit in a Dallas challenging the Consumer Financial Protection Bureau‘s so-called arbitration rule that prohibits the use of mandatory arbitration agreements in disputes between consumers and providers of financial products.

The CFPB issued the new rule this year as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act as a way of cracking down on the use of mandatory arbitration agreements in contracts for specified consumer financial services.

Banking and financial groups have long opposed the rule, believing it will lead to lengthy and expensive litigation.

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