§5518 Authority to restrict mandatory pre-dispute arbitration

Summary

The Bureau must study and report to Congress on how companies use pre-dispute arbitration agreements with consumers for consumer financial products or services. Covered person = a company offering those products or services. Consumer = someone using them. After the study, the Bureau can make rules to ban or limit those arbitration agreements if it finds that is in the public interest and protects consumers. The Bureau’s findings must match the study. A consumer can still choose arbitration after a dispute starts. Any rule applies to agreements made after the 180-day period that begins on the rule’s effective date.