Percentages of Checking Account Contracts With Required Arbitration in CFPB Sample by Issuer Type

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Percentages of Checking Account Contracts With Required Arbitration in CFPB Sample by Issuer Type

Here is a chart of the percentages of checking account contracts with required arbitration by issuer type based on a CFPB sample of banks and credit unions.

Extrapolating from the sample and using bank data, CFPB estimates that only 7.7% of banks impose arbitration clauses on checking customers, but these accounts represent 44% of all bank-insured deposits subject to arbitration.

Again, banks are more likely to impose arbitration clauses than are credit unions, and the larger the bank, the more likely it is to impose an arbitration clause. — at http://www.consumerfinance.gov/reports/section-1028a-arbitration-study-results-to-date/.