Richard Cordray defends CFPB arbitration rule amid speculation he plans to run for Ohio governor
The “arbitration rule” takes aim at the fine print in many of the agreements that consumers sign when they apply for credit cards or bank accounts. These agreements typically require customers to settle any disputes through arbitration in which a third party rules on the matter. A new CFPB rule would weaken a company’s ability to make arbitration mandatory, allowing more people to file or join a lawsuit to press their claim.
