A new CFPB plan unveiled last week would eliminate arbitration clauses in financial product agreements that prevent consumers from filing class action lawsuits. The proposal would require arbitration clauses to explicitly say that they do not apply in class action cases. Meanwhile, firms still using such clauses for individuals would have to provide the CFPB with information about those claims and the amount of resulting awards given to consumers. CFPB Director Richard Cordray said the arbitration clauses — which, consumers are rarely aware of beforehand — amount to a "free pass" to avoid class actions. The new restrictions would apply to a host of consumer financial products including credit cards, automobile leases and debt collection.