Financial institutions and consumer groups have been lobbying heavily to influence the design of forthcoming CFPB regulations governing the use of arbitration agreements by banks and other providers of consumer financial products.

The most recent salvo came in late November, when the Pew Charitable Trusts released a survey in which 68 percent of respondents believed that consumers have a choice between filing suit and going before an arbitrator in a dispute.

Lawyers at Ballard Spahr who counsel financial institutions on arbitration clauses struck back with a response that blasted the study’s methodology. Said Alan S. Kaplinsky, Practice Leader of the firm’s Consumer Financial Services Group: “I thought the Pew study was so deeply flawed and slanted.”

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Consumer Financial Services