“The CFPB’s Proposal Outline would permit pre-dispute arbitration clauses in contracts for consumer financial products and services under two conditions only:

Arbitration could not block class actions without court action. First, the contract must state that the arbitration clause does not apply to class action litigation, unless and until class certification is denied by a court or the class claims are dismissed in court. The CFPB intends to propose model contract language.
Companies would be required to submit arbitration claims filed and awards issued to the CFPB for review and possible publication. Second, companies that are subject to the jurisdiction of the CFPB would be required to submit any filings made by or against them in connection with arbitration disputes, as well as any resultant decisions, to the CFPB.” http://ow.ly/UO3FK