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Pew Offers Study on Arbitration
On Wednesday, August 17, 2016, ahead of the comment deadline for the CFPB’s arbitration rulemaking, the Pew Charitable Trusts issued an update to its annual arbitration research. In this update, Pew shows: a 6 point year-over-year increase in the use of mandatory arbitration agreements, 95 percent of consumers want the option to have a court settle their disputes, and 89 percent of consumers want the right to participate in class action lawsuits against their banks. Since 2013, Pew has examined checking account dispute resolution policies and practices of the 50 largest U.S. retail banks.