I first wrote about the barriers that arbitration clauses place in the way of Oregonians seeking justice nearly three years ago. Today, I am returning to the subject because it is important that readers in Oregon and Washington understand what the Congress has just done, how it effects their rights and what they may be able to do about it.
Last week the Senate joined the House in voting to reverse a rule issued last July by the Consumer Financial Protection Bureau (CFPB). As described by the Reuters news agency the vote “killed a rule banning (financial) firms from using ‘forced arbitration’ clauses.”
As the news agency goes on to explain: “customers must agree to the clauses as a condition of opening accounts, saying they will take any disputes to closed-door arbitration instead of joining class-action lawsuits, where complainants band together to share litigation costs. The clauses are used for nearly every US consumer product and service since the Supreme Court ruled them legal in 2011.”