Consumer activists are targeting the use of arbitration clauses at Wells Fargo and PNC Financial Services Group.
The activists hand-delivered protest petitions Thursday that, they said, contained 67,000 signatures. Arbitration clauses put consumers at an unfair disadvantage in disputes with their banks, the groups said. The Consumer Financial Protection Bureau has an ongoing study into the effects of arbitration clauses on consumers and released initial data in December of last year. The study was mandated by the Dodd-Frank Act; if the bureau determines that arbitration clauses harm the public, it has the authority to end them going forward.