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The proposal, which ignores the bureau's very own research, is bad news for consumers.
This summer, the Consumer Financial Protection Bureau (CFPB) proposed a regulation that would pad the wallets of trial lawyers by foreclosing consumers’ access to subsidized arbitration and forcing them into class action lawsuits. That outcome would be very bad for consumers. But what makes it worse is that the CFPB’s proposal ignores the agency’s very own research on arbitration.
Take a close look at what the Bureau’s own 2015 Arbitration Study says about class action and arbitration (click on the source links for Arbitration Study page numbers):
The bureau should go back to the drawing board, for the sake of consumers.