In a letter today to the head of the Consumer Financial Protection Bureau, 15 state attorneys general asked the agency to adopt rules to protect consumers from mandatory arbitration clauses in consumer contracts.
"The letter, which was organized by Delaware Attorney General Beau Biden, Massachusetts Attorney General Martha Coakley and Kentucky Attorney General Jack Conway, was sent to the CFPB as part of the agency’s research into mandatory arbitration clauses. The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act requires the agency to conduct extensive research before determining whether mandatory arbitration clauses are harmful to consumers before issuing any regulations," explains a press release issued by Delaware.
The attorneys' general's letter is available here.
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