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New Rule Restricting Use of Arbitration Provisions Follows Trend Towards Transparency and Fairness

By Brian Powers on Jul 17, 2017 1:27:34 PM

Recently the Consumer Financial Protection Bureau issued a new rule restricting the use of arbitration clauses in contracts for all sorts of financial products such as credit cards, payday loans, auto loans and more. Why are arbitration clauses so important? They are typically used to prevent aggreived consumers from banding together in class action lawsuits by requiring them to deal with financial institutions 1:1 in form of an arbitrator.  

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