CFPB Issues Rule Allowing Individuals to Seek Justice in Court

The Federal Consumer Financial Protection Bureau announced its final rule regarding pre-dispute arbitration agreements involving financial product and services. Often when individuals sign up for financial services, the contract they sign, which cannot be negotiated, contains an arbitration agreement that prohibits individuals from pursuing a lawsuit, including a class action that is often the only feasible way for an individual to seek justice when they have been damaged by a financial institutions's bad acts. The CFPB's final rule prohibits certain financial service and product providers from using an arbitration agreement with a consumer that to bar the consumer from filing or participating in a class action concerning those products or services. The final rule requires covered providers to submit to the CFPB specified arbitral records and specified court records. Andersen Sleater Sianni represents individuals in class actions against financial institutions that have damaged them. To read more about the new rule, please click

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