No Surprises At CFPB’s Arbitration Field Hearing

Yesterday the Consumer Financial Protection Bureau (CFPB) held a public field hearing in Denver, Colo. to discuss arbitration. There were no surprises.

The field event followed the pattern of prior field hearings. It started with prepared remarks by CFPB Director Richard Cordray.  A copy of the prepared remarks are located here. The opening remarks clearly outline the CFPB position and direction; mandatory arbitration provisions in consumer contracts are bad and their use should be dramatically reduced.

The opening remarks were followed by a panel discussion with consumer groups and industry representatives, then a short public comment session.

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