CFPB Final Arbitration Rule

ARCHIVES Press Statement re: Senate Votes to Repeal Americans’ Day in Court; Gives Wall Street a Huge Win, Oct. 25, 2017 Issue Brief: Servicemembers, Veterans, and Forced Arbitration: How the New Consumer Protection Financial Bureau Rule Enhances the Military Lending Act, Sept. 2017 Press Release: On Anniversary of 7th Amendment, More than 400 Professors in All  50 States Urge Congress Not to Take Away Our Day in Court. Sept. 25, 2017 Issue Brief: Credit Reports and Forced Arbitration: Will Congress Strip Americans of Their Day in Court?​, September 2017​ Press Release: House Votes to Strip Americans’ Right to Their Day in Court, July 25, 2017 Fact Sheet: Forced Arbitration and Wells Fargo: The CFPB’s Rule Protects Victims of Bank Fraud, July 2017 The Military Coalition (TMC) letter in support of CFPB’s final rule on Arbitration Agreements, July 25, 2017 Summary of CFPB Rule on Forced Arbitration, July 2017

The Consumer Financial Protection Bureau’s arbitration rule aimed to restore our right to band together for our day in court for bank accounts, credit cards, prepaid cards, payday loans, federal student loans, and other financial products. When financial companies commit widespread wrongdoing, consumers would have the right to join together before a judge who can hold the bad actor fully accountable instead of being forced to bring an individual case before a private arbitrator. NCLC supported the CFPB arbitration rule but it was ultimately repealed by the Senate under the Congressional Review Act. For more information and materials visit Fair Arbitration Now.

Tell Congress to pass the Forced Arbitration Injustice Repeal (FAIR) Act and put consumers ahead of Wall Street companies and predatory lenders.

 

Policy Analysis

Policy Briefs, Reports and Press Releases

• Press Statement re: Senate Votes to Repeal Americans’ Day in Court; Gives Wall Street a Huge Win, Oct. 25, 2017
• Issue Brief: Servicemembers, Veterans, and Forced Arbitration: How the New Consumer Protection Financial Bureau Rule Enhances the Military Lending Act, Sept. 2017
• Press Release: On Anniversary of 7th Amendment, More than 400 Professors in All  50 States Urge Congress Not to Take Away Our Day in Court. Sept. 25, 2017
• Issue Brief: Credit Reports and Forced Arbitration: Will Congress Strip Americans of Their Day in Court?​, September 2017​
• Press Release: Court to Hear Wells Fargo’s Bid to Block 49-State Overdraft Fee Class Action, Aug. 23, 2017
• Press Release: House Votes to Strip Americans’ Right to Their Day in Court, July 25, 2017
• Press Release: Congress moves to take away consumers’ right to day in court, July 20, 2017
• Summary of CFPB Rule on Forced Arbitration, July 2017
• Issue Brief: Forced Arbitration and Wells Fargo: The CFPB’s Rule Protects Victims of Bank Fraud, July 2017
• Press Release: CFPB Rule Restores Consumers’ Day in Court Over Financial Misconduct, July 10, 2017

Letters

• Letter to the CFPB from 310 civil rights, labor, community, consumer and nonprofit organizations supporting the final arbitration rule, July 12, 2017

Resources

• Fair Arbitration Now
  • Protects Our Servicemembers and Veterans
    Read letters in support of the CFPB’s arbitration rule:
    The Military Coalition (TMC), representing 5.5 million servicemembers
    29 leading servicemember and veteran groups
    VoteVets and Common Defense, two large grassroots organizations representing veterans and servicemembers
• CFPB Arbitration Rule Social Media Toolkit
• 50 State & D.C. Fact Sheets: How the CFPB’s Arbitration Rule Protects Victims of Wells Fargo Bank Fraud, August 2017
• 50 State Fact Sheets: Forced Arbitration Harms Consumers, Servicemembers, and Veterans, August 2017
• National Fact Sheet: Wells Fargo & Forced Arbitration: How the CFPB’s Rule Helps Victims of Bank Fraud, August 2017

Forced Arbitration in the News

Op-eds

• 8/2/17 The Hill “3 big lies bank lobbyists peddle to protect corporate scoundrels” by Ed Mierzwinski
• 7/31/17 Arkansas Democrat Gazette “Forced arbitration is un-American” Marine Corps vet based in Arkansas disagrees with Sen. Tom Cotton decision by Robert Mitchell
• 7/27/2017 Chicago Tribune: Will Congress help companies use forced arbitration to undercut consumers?, commentary by NCLC Associate Director Lauren Saunders 
• 7/24/17 The Baltimore Sun “Even if you win in arbitration, you still lose” by Joseph Mack
• 7/21/17 The Hill “Cubans envy our day in court but forced arbitration takes it away” op-ed by NCLC Associate Director Lauren Saunders
• 7/21/17 American Banker “Why CFPB’s arbitration rule is essential (two words: Wells Fargo)”, op-ed by NCLC Associate Director Lauren Saunders
• 7/21/17 U.S. News “The GOP’s foolish decision” by Dean Clancy

News Stories

• 7/25/17 Komo News (Seattle) “The House Votes to Roll Back CFPB Rule that Allows Consumers Their Right to Take Financial Disputes to Court.” Herb Weisbaum interviews NCLC Associate Director Lauren Saunders.
• 7/11/17 Yahoo Finance “CFPB just issued a new rule that would protect consumers from predatory fine print” quotes NCLC Associate Director Lauren Saunders on finding companies without abusive arbitration.
• 7/11/17 KOMO News Seattle (WA) Radio interview (5:36) by news reporter Herb Weisbaum with NCLC Associate Director Lauren Saunders on the CFPB’s arbitration rule.
• 7/10/217 CBS News “Financial consumers may be able to sue banks again” by Kathy Kristof quotes NCLC Associate Director Lauren Saunders on the CFPB’s new arbitration rule.