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While fewer than 8% of all banks put arbitration clauses on deposit accounts, those few banks account for nearly half of all insured deposits in the U.S. (source: CFPB)

In Wake Of Arbitration Report, Consumer Advocates Ask CFPB To Revoke Banks’ “License To Steal”

By 3.10.15

This morning, the Consumer Financial Protection Bureau released its final report on forced arbitration, showing how banks and credit card companies use contractual clauses to short-circuit class-action lawsuits from their customers. Now that the Bureau has done its research, consumer advocates are calling on regulators to use their authority to end the practice. [More]