Last month, we provided some tips on avoiding arbitration.
Thankfully, due to recent developments, you might not need that advice – at least when it comes to consumer financial products.
A few weeks ago, the Consumer Financial Protection Bureau, created by the Dodd-Frank legislation in the wake the 2008 financial crisis, officially recommended a ban on mandatory arbitration and class waiver clauses in consumer financial products contracts. (See Summary of Proposal at the end of this blog entry.)