CFPB Proposed Arbitration Rules Vital to Consumers: Pew Research
New research from Pew Charitable Trusts show deep divide between banking policies and consumer preferences.
By David Baumann |
Updated on August 17, 2016
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Consumers want the right to sue financial institutions for alleged wrongdoing, the Pew Charitable Trusts said Wednesday, in calling for the CFPB to finalize rules ensuring that consumers can pursue their complaints in court.
In a survey of consumers and the 50 largest retail banks, Pew found that consumers overwhelmingly oppose the use of mandatory arbitration agreements in financial and other contracts, while, at the same time, banks are expanded their use.
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