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Nine Groups Petition CFPB to Protect Consumers from Forced Arbitration

WASHINGTON, D.C. – The National Association of Consumer Advocates, Public Citizen, and seven other organizations submitted a petition for rulemaking to the U.S. Consumer Financial Protection Bureau (CFPB) calling for meaningful consent before financial services companies can force consumers into arbitration to resolve disputes. Martha Perez-Pedemonti, civil justice and consumer counsel at Public Citizen, released the following statement:

“It’s a clear consumer injustice that so many corporations use forced arbitration to block customers from seeking legal redress in court. To protect consumers, the CFPB should use its statutory authority to require meaningful consent from consumers to use arbitration to resolve disputes with financial services companies.”