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Email On May 5, 2016, the Consumer Financial Protection Bureau (“CFPB”) issued a proposed rule to prohibit providers of certain consumer financial products and services from using arbitration clauses to block consumers from filing or participating in class action lawsuits. In addition, the proposed rule would impose a reporting obligation on providers of covered consumer financial products or services, requiring that certain materials filed in arbitration cases be submitted to the CFPB. https://www.cadwalader.com/resources/clients-friends-memos/cfpb-targets-mandatory-arbitration-clauses-to-protect-consumer-class-actions