WASHINGTON - Today, Democrats on the House Judiciary Committee applauded the Consumer Financial Protection Bureau (CFPB) for finalizing a rule to prohibit the use of pre-dispute, binding (“forced”) arbitration in contracts for consumer financial products such as checking or savings accounts, student loans, or credit cards.

House Judiciary Committee Ranking Member John Conyers, Jr. (D-MI), along with Judiciary Subcommittee Ranking Member David N. Cicilline (D-RI), and Henry C. “Hank” Johnson, Jr. (D-GA), the sponsor of the Arbitration Fairness Act, released the following statement:

“This rule is a critical step to restoring the rights of servicemembers, veterans, and other consumers. A wealth of unassailable evidence shows that forced arbitration has whittled away core protections against lawless conduct by corporations that refuse to do right by their own customers. We commend the Consumer Financial Protection Bureau for finalizing this rule to protect hardworking Americans against systemic fraud, deception, and abuse in financial services and products.”