Skip to Content

Get Your FREE Consultation

Blog

Pew Report Shows Widespread Dissatisfaction with Consumer Arbitration

December 6, 2012

The Pew Charitable Trust has released a report on the use of arbitration clauses in financial institution customer agreements. The report contains Pew’s findings on arbitration clauses, including the prevalence of such clauses and consumer attitudes about them. Pew is likely to send the report to the Consumer Financial Protection Bureau (“CFPB”) for use in CFPB’s ongoing arbitration study.

The Pew report follows the organization’s study of account agreements obtained from 92 of the country’s 100 largest financial institutions, measured by deposit volume that offered at least one personal checking account option to customers. The Pew report found that there is overwhelming consumer dissatisfaction with the arbitration process, with consumers finding a majority of the typical procedural components of the arbitration process inconvenient or unduly burdensome.

CFPB is conducting a study on the impact of arbitration clauses in consumer agreements and is considering whether there should be a prohibition or limits on consumer arbitration clauses. The CFPB is empowered to take such action under the Dodd-Frank Act, the legislation through which CFPB was created.

TALK TO US NOW
FOR FREE
No Win, No Fee

Review Us

Martin & Jones, PLLC logo

“Thank you for the work you have done for Carl and our family. We so much appreciate your sincere professionalism and kindness you showed us. I know Carl is smiling right now and the Lord has blessed us through you. May God bless you.”

Contact Our North Carolina Personal Injury Law Firm

for a Consultation for Your Accident or Medical Malpractice Claim

Call us at 800-662-1234
TALK TO US NOW
FOR FREE
No Win, No Fee

The law firm you choose makes a difference. If you are the victim of an accident or an illness that someone else caused, the North Carolina personal injury law firm of Martin & Jones has the depth of experience, skills and sensitivity to make your road to recovery as smooth as possible. Whether you have experience with the legal system or have never hired a medical malpractice or personal injury lawyer before, our attorneys and staff will do our best to answer your questions, provide clear advice and prepare you and your family for what to expect. If you would like more information or to meet with one of our attorneys, please fill out the form below or call us at 800.662.1234.