CFPB Moves to Ban Companies From Using Mandatory Arbitration
"Consumer financial products such as credit cards and bank accounts often have arbitration clauses that prevent consumers from coming together to sue their banks or financial companies for wrongdoing.
Because customers have been forced to stop trying to sue, or sue alone for a very tiny amount, large financial companies can avoid the courts and lawsuits.
The hope is that the CFPB’s new rule will prevent wrongdoing by giving the consumers the right to join together to pursue justice and relief through group lawsuits."
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Publication Date: 7/17/2017