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Finance Industry Sues to End U.S. Rule Curbing Forced Arbitration for Consumers

October 2, 2017

A coalition of corporate lobbying groups, led by the U.S. Chamber of Commerce, sued the Consumer Financial Protection Bureau to overturn a rule that makes it easier for aggrieved customers to file lawsuits against financial firms.

The litigation, filed Friday in a federal court in Dallas, challenges the CFPB’s controversial effort to curb forced arbitration. The plaintiffs include the chamber, the American Bankers Association, the Consumer Bankers Association, the Financial Services Roundtable, the American Financial Services Association and groups representing Texas businesses.

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