Consumers want the right to sue financial institutions for alleged wrongdoing, the Pew Charitable Trusts said Wednesday, in calling for the CFPB to finalize rules ensuring that consumers can pursue their complaints in court.
In a survey of consumers and the 50 largest retail banks, Pew found that consumers overwhelmingly oppose the use of mandatory arbitration agreements in financial and other contracts, while, at the same time, banks are expanded their use.
"Pew's research clearly demonstrates this divide between bank policies and customer preferences on dispute resolution limitations," the report said. "The public wants access to the justice system, including the right to join and pursue a class action, while banks continue to restrict such access."
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