The Consumer Financial Protection Bureau continues to hear from public officials, public interest organizations and individual consumers on how important it is that it exercise its authority to write a rule to eliminate forced arbitration and restore consumers’ legal rights in the financial marketplace.
* As reported here, U.S. senators and representatives sent a letter today to the CFPB, urging it to “move forward quickly” on rulemaking.
* In November 2014, 16 state attorneys general submitted a letter to the Bureau requesting a rule to reinstate consumers’ access to the court system.
* Advocates of fair lending in housing who have observed how the removal of forced arbitration in residential mortgage terms has benefited homeowners, also requested that the Bureau apply the same policy to all lending products and related services.
* Consumers across the country, including from Fort Myers, FL, St. Louis, MO and Omaha, NE have submitted letters to their local publications protesting the unfair practice of forced arbitration, particularly in financial services.