Arbitration

Arbitration has been used as an alternative to litigation as a method of amicably resolving disputes for over 80 years. In many cases, arbitration has benefited consumers by providing quicker and less expensive alternatives to litigation. Also, consumers with low value claims tend to benefit from the arbitration process, as attorneys are more reluctant to represent consumers that have low value claims. CBA believes arbitration can be a less costly and more effective method of dispute resolution for consumers and businesses, and attempts to ban pre-dispute arbitration are potentially harmful to consumers and may result in increased costs to consumers and unnecessary delay in deciding controversies arising from disputes. CBA believes arbitration is a meaningful and effective process for consumers and businesses to resolve disputes, and CBA is committed to efforts to oppose anti-arbitration legislation.
  • May 6, 2016
    CFPB Sides with Plaintiff’s Attorneys Over Consumers On Thursday, the CFPB released a proposal limiting consumers’ use of arbitration agreements. The real winners of the proposal were trial attorneys, not consumers. Arbitration has long provided a faster, better, and more cost-effective means of addressing consumer disputes than litigation or class action lawsuits. The CFPB’s own study shows...
  • May 6, 2016
    Big Government wants to make it easier for you to sue Big Business. The Consumer Financial Protection Bureau, or CFPB, is seeking public comment on a proposed new regulation that, if enacted, would enable consumers to bring class-action lawsuits against financial institutions. Specifically, the proposal would ban a certain type of legal language, called a mandatory arbitration clause, that often...
  • May 6, 2016
    If government regulators get their way, it's going to become a lot easier to sue your bank. By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Buried in the fine print of credit card agreements, bank accounts and insurance policies are what are known as binding, or mandatory, arbitration clauses. It means customers are...
  • May 6, 2016
    A new proposal by the nation’s chief consumer watchdog could help government regulators and prosecutors stop big banks’ dubious practices more quickly. The Consumer Financial Protection Bureau on Thursday suggested a ban on clauses tucked into contracts for credit cards, student loans and other financial products that prohibit consumers from joining together to sue financial companies for...
  • May 6, 2016
    If government regulators get their way, it's going to become a lot easier to sue the bank. By and large, U.S. bank customers have signed away their right to sue their bank, often without being aware of it. Buried in the fine print of credit card agreements, bank accounts and insurance policies are what are known as binding, or mandatory, arbitration clauses. It means customers are generally...
  • May 5, 2016
    If government regulators get their way, it’s going to become a lot easier to sue your bank. The Consumer Financial Protection Bureau has proposed long-awaited new rules that could prevent financial institutions from blocking customers from filing class-action lawsuits. By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Class...
  • May 5, 2016
    Consumers angry with a bank, payday lender or credit card issuer may soon get their day in court, courtesy of a new Consumer Financial Protection Bureau proposal on forced arbitration. "Arbitration" is one of those common fine-print terms that people gloss over, but that should give them pause. "Consumers are signing away their rights," said Lauren Saunders, associate director of the National...
  • May 5, 2016
    Banks and other financial companies could no longer use mandatory arbitration clauses to prevent class-action lawsuits under a proposed rule released May 5 by the Consumer Financial Protection Bureau (CFPB). Business groups immediately criticized the proposal as a “gift” to plaintiffs’ lawyers they say could result in an explosion in litigation. The long-awaited plan was expected by the industry...
  • May 5, 2016
    If government regulators get their way, it's going to become a lot easier to sue your bank. By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Buried in the fine print of credit card agreements, bank accounts and insurance policies are what are known as binding, or mandatory, arbitration clauses. It means customers are...

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