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The Consumer Financial Protection Bureau (CFPB) has material it is circulating to explain its proposed regulatory framework on arbitration. We hope these edits help clear things up.
“The CFPB’s study makes one wonder if the Bureau is really trying to protect consumers or is instead trying to protect plaintiffs’ lawyers,” U.S. Chamber of Commerce Center for Capital Markets Competitiveness President and CEO David Hirschmann and U.S. Chamber Institute for Legal Reform President Lisa Rickard said in a statement.
They added: “Banning pre-dispute arbitration clauses will deprive consumers of the only realistic means of remedying most injuries, leaving them with lawyer-driven class actions lawsuits that provide millions in legal fees to lawyers, but little or no benefit to consumers.”