Yesterday, the CFPB delivered to Congress the final results of its empirical study of consumer arbitration as mandated by Section 1028 of the Dodd-Frank Act. It has been widely reported that the final results show that arbitration agreements are detrimental to consumers. However, after a careful reading of the 728-page study, we found that it would be wrong for Congress or the CFPB to draw that conclusion. In fact, we think the study confirms that arbitration does benefit consumers. We have prepared a legal alert that details our analysis.
On March 18, 2015, Ballard Spahr attorneys will hold a webinar “The CFPB’s Arbitration Study: Where Do Things Go From Here?” from 12 p.m. to 1 p.m. ET. More information and the registration form are available here.