Last updated on October 3, 2025
Yes, it is currently allowed, but under scrutiny. A proposed CFPB rule from January 2025 aims to prohibit certain terms in financial agreements, including mandatory arbitration clauses that restrict consumer rights. Until finalized, banks can still condition account access on arbitration acceptance, though this practice faces increasing legal and consumer advocacy challenges.
https://www.consumerfinance.gov/rules-policy/rules-under-development/
1/13/2025