Law Profs, Business Groups Spar Over Proposed Consumer Arbitration Ban

If law professors’ signatures carried authoritative weight, the U.S. Consumer Financial Protection Bureau would already be drafting a new rule to prohibit the companies it regulates from requiring consumers to agree to arbitrate potential claims in advance of any actual dispute.

Nearly 170 law professors signed a Nov. 14 letter urging the CFPB to act on a rulemaking petition submitted to the agency in September by nine consumer advocacy groups, including Public Citizen, Public Justice, the American Association for Justice and Better Markets.

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