The Consumer Financial Protection Bureau is proposing rules that would prohibit financial services companies from using binding arbitration clauses that block consumer class-action lawsuits.

“If I was a consumer advocate against arbitration, and I was looking at what the CFPB proposed, I would be popping those champagne corks right about now,” said Alan Kaplinsky, a consumer financial services lawyer with Ballard Spahr.

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Consumer Financial Services
Consumer Financial Protection Bureau
Bank Regulation and Supervision