CA SJR25

Urges the Consumer Financial Protection Bureau to issue final rules prohibiting mandatory arbitration clauses that ban consumers from participating in class action lawsuits against financial institutions.

States that class action bans are often one-sided and deprive consumers of substantive and procedural rights by appearing in "take-it-or-leave-it" contracts consumers cannot negotiate.

Notes the Consumer Financial Protection Bureau has proposed a rule restricting mandatory arbitration clauses in financial product and service contracts based on findings that such clauses prevent consumers from seeking relief for legal violations.

Argues that class actions are necessary to deter corporate violations and provide remedies for consumers who cannot afford individual legal action but can band together for collective redress.

Directs the Secretary of the Senate to transmit copies of the resolution to the author for distribution.