Consumer Bureau Takes First Step to Increase Consumer Rights in Contracts
Today, the Consumer Financial Protection Bureau released a proposal to rein in the widespread use of clauses in financial services contracts that ban class action lawsuits by groups of consumers who have been harmed. They stopped short of also banning binding mandatory arbitration provisions. CRL Policy Counsel Lisa Stifler offered the following remarks: When consumers are deceived or cheated when using a credit card, opening a bank account or getting any manner of credit, they should have an opportunity to make their case before an impartial judge. And if the cheating is widespread, those