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U.S. Consumer Financial Protection Bureau about mandatory arbitration clauses

Aug, 22, 2023 Hi-network.com
Mandatory arbitration clauses become more frequent in all type of contract with consumers, especially in Banking sector, which is whyU.S. Consumer Financial Protection Bureau started research about its effect. After many years of examination they proposed the rule that should preclude companies of depriving consumers of right to class action by accepting arbitration clauses. Class actions are very important mechanism in consumers disputes, given the unequal position of the parties in dispute, the value of the dispute, the cost of arbitration and many other factors. This is it is important to enable consumers to join together in claims over same manner since in this manner they can initiate actions that in other case would not be feasible, if they would be up to individual consumer. This decision is still waiting for Senate to give final call.

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