Economic and CU Monitor (Special Topic: Arbitration Clauses) - August 2016

This month's special topic: 

Arbitration Clauses

In May, the Consumer Financial Protection Bureau (CFPB) issued a proposed rule addressing arbitration agreements which some financial institutions include in contracts for products such as credit cards and bank accounts. The rule prohibits the use of any arbitration clause which would limit access to class action litigation. It also requires financial institutions, including credit unions, to submit arbitration claims and awards to the Bureau, which may then be viewed on the CFPB’s website.


NAFCU's Economic and CU Monitor is a NAFCU member-only monthly report of the latest macroeconomic and financial trends affecting today's credit unions, including trend data among NAFCU member credit unions.

 

 

 

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