Tags: arbitration | credit | bank | CFPB

US Moves to Ban Arbitration 'Fine Print' in Financial Contracts

US Moves to Ban Arbitration 'Fine Print' in Financial Contracts
(Dreamstime)

Monday, 10 July 2017 03:07 PM EDT

The U.S. Consumer Financial Protection Bureau on Monday released a rule that would bar credit card companies, banks and other firms from requiring that customers agree to settle any disputes away from the courts and in arbitration as a condition of opening an account.

The rule would also require companies to give the CFPB records of initial claims, counterclaims, answers to claims, and awards issued when they do resolve an issue with a customer in arbitration. The agency said it intends to publish redacted versions of the records on its website beginning in July 2019.

© 2026 Thomson/Reuters. All rights reserved.


StreetTalk
The U.S. Consumer Financial Protection Bureau on Monday released a rule that would bar credit card companies, banks and other firms from requiring that customers agree to settle any disputes away from the courts and in arbitration as a condition of opening an account.
arbitration, credit, bank, CFPB
95
2017-07-10
Monday, 10 July 2017 03:07 PM
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