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August 4, 2017

CFPB’s Anti-Arbitration Rule Hurts Consumers

Despite using its own data to craft its anti-arbitration rule, the CFPB “paints an incomplete picture of how arbitration compares to class action suits,” says the American Action Forum.

Using data from the CFPB’s own report and data from the Arbitration Association of America, AAF found arbitration to be a less expensive, quicker way to resolve disputes. The group said the “only winners in class action litigation are the attorneys who took $424 million from class action settlements” during the time the CFPB studied the rule.

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