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CFPB Forced Arbitration Rule Stands for Accountability, Fairness, and Transparency

Thursday, May 5, 2016
Michael Calhoun

Today the Consumer Financial Protection Bureau (CFPB) announced a proposed rule that will limit the financial industry’s use of forced arbitration, a practice used to block consumers from enforcing their legal rights.

In response, Mike Calhoun, President of the Center for Responsible Lending (CRL), issued the following statement:

This proposed rule is another key development in bringing transparency and fairness to consumer finance. While it does not end all forced arbitration, it does return the opportunity for class actions to be heard and argued in a court of law.

By continuing to increase accountability, fairness, and transparency in the consumer financial market, CFPB is creating a lending climate that benefits everyone.

Additional CRL Resources

For more information, or to arrange an interview with a CRL expert, please contact Charlene Crowell at charlene.crowell@responsiblelending.org or 919.313.8523