Just to refresh, Section 1028 of the Dodd–Frank Wall Street Reform and Consumer Protection Act gave the SEC authority to ban certain arbitration clauses. And the law required the Consumer Financial Protection Bureau to do an extensive study about forced arbitration with regard to consumer financial products and services. And here we are!
Today, there will be live streaming at 11 am CST a hearing the Bureau (which we last covered here ) is holding in Dallas to examine forced arbitration agreements and class action waivers. We know they’ll be getting an earful from several consumer and legal organizations, who will be testifying about how “the fine print of millions of contracts deprives consumers of their statutory and constitutional right to a day in court." In fact, the CFPB evidence is already there if you take a look at the CFBP’s study, out today, which shows how widespread use of such clauses are.
Based on its preliminary findings and the testimony it may hear today, the CFPB may end up very critical of these clauses. See more here.
And speaking of forced arbitration, on December 17 at 2 pm, the Senate Judiciary Committee will have a hearing on all the problems for consumers, workers, and small businesses caused by forced arbitration. It's being chaired by Sen. Al Franken so it should be GOOD!
And here's something you can do: SIGN THIS PETITION!