The Consumer Financial Protection Bureau (CFPB) has scheduled a field hearing for Thursday, May 5 on arbitration. Typically, when the CFPB does a field hearing it is in connection with a release of a proposed and final rule. It is expected on May 5 that the CFPB will release a proposal that would allow consumers to ban together in class action lawsuits even if there is an arbitration agreement. The use of arbitration clauses is widespread in contracts on credit cards, deposit accounts, payday loans and a host of products.
Read the CFPB notice.