gavel on money Credit/Shuttersock.

Arbitration is back on the policy agenda now that a coalition of consumer groups have called on the CFPB to once again restrict the use of arbitration to ensure that the American consumer can have its day in court. In reality, however, this proposal has little to do with truth, justice, and the American way and everything to do with perpetuating the great American class action lawsuit industry.

In submitting a comment letter opposed to the petition, the banks and credit unions did a great job in putting the Bureau on notice that any attempt to once again outlaw class action bans in arbitration clauses will be met with a barrage of legal arguments. But even if the law clearly allowed the Bureau to eliminate class action waivers, the proposal is predicated on a host of questionable assumptions that need to be challenged head-on.

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