Arbitration Rule Repeal Will Adversely Affect Consumers

Law360, New York (November 2, 2017, 3:16 PM EDT) -- On Nov. 1, 2017, President Donald Trump signed a congressional resolution repealing the Consumer Financial Protection Bureau’s recent rule that would have barred financial firms from forcing customers into private, binding arbitration on an individual, nonclass basis. This decision represents a decisive blow to the American public’s access to the justice system. These efforts will harm millions of individuals by preventing them from accessing state or federal courts even in the face of clear corporate misconduct. Enormous financial institutions like Wells Fargo and Equifax, who have all but admitted to fraud or other unlawful acts in recent months, will continue to...

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