When autocomplete results are available use up and down arrows to review and enter to select.
Several consumer groups recently petitioned the Consumer Financial Protection Bureau for a rulemaking on pre-dispute arbitration.
Petition: Better Markets, the Consumer Federation of America, Public Citizen, and other groups petitioned the bureau to issue a rule addressing the use of mandatory pre-dispute arbitration provisions in contracts between regulated entities and consumers of financial products or services.
Comment Deadline: ICBA will submit comments on the petition by the Nov. 14 deadline.
ICBA View: ICBA has pushed back against efforts to restrict arbitration.
In a joint letter to the House last year on legislation to effectively ban arbitration provisions in private contracts, ICBA and other groups said pre-dispute arbitration clauses benefit consumers, with studies showing employees prevailed more often, recovered more money, and resolved their claims more quickly in arbitration than in litigation.
The groups separately told the Senate Banking Committee that arbitration is a fair, effective, and less expensive means of resolving disputes than going to court.
Previous News
The Independent Community Bankers of America (ICBA) today commended the House Financial Services Committee for passing ICBA-advocated legislation to restrict the ability of the federal government to introduce a U.S. central bank digital currency.
ImageSep 20, 2023
The Consumer Financial Protection Bureau issued guidance about certain legal requirements that lenders must adhere to when using artificial intelligence and other complex models.
ImageSep 20, 2023
The Independent Community Bankers of America (ICBA) celebrates this year’s FinovateFall 2023 Best of Show winner, Chimney, a member of the 2022 ICBA ThinkTECH Accelerator cohort.
ImageSep 19, 2023
Related News Taxonomy
Jul 3, 2025
Jun 27, 2025
May 15, 2025