Take Action: Support the CFPB’s effort to protect your right to participate in class-action lawsuits

Take Action: Support the Consumer Financial Protection Bureau’s efforts to prohibit banks from taking away your right to join a class action.

Many contracts for credit cards, checking accounts, prepaid cards, and other financial products include mandatory arbitration clauses, which forbid consumers from settling disputes in court, either individually or as part of a group (class action), and require them instead to settle a disagreement through arbitration.

By barring class-action lawsuits—cases that can involve thousands or even millions of claimants—arbitration agreements deprive consumers of the ability to join together to hold companies accountable for illegal actions that might be individually small but are significant when combined.

In May 2016, the Consumer Financial Protection Bureau (CFPB) proposed a rule that bans banks’ use of mandatory arbitration clauses. In light of our research showing the high prevalence and growing use of these clauses and the potential to inflict harm by limiting customers’ recourse, Pew supports the CFPB’s proposed rule that bans these clauses.

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Consumer Financial Protection Bureau
1700 G Street
Washington, DC 20552
 
ATTN: Director Richard Cordray
 


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