CFPB Considers Proposal to Ban Arbitration Clauses (Avoiding Accountability)

[gdale6]

Proposal Would End the Free Pass Companies Use Against Group Lawsuits

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer financial products like credit cards and bank accounts, most arbitration clauses deny consumers the right to participate in group lawsuits against companies. With this free pass, companies can sidestep the legal system, avoid big refunds, and continue to pursue profitable practices that may violate the law and harm countless consumers. The CFPB’s proposals under consideration would give consumers their day in court and deter companies from wrongdoing.

http://www.consumerfinance.gov/newsroom/cfpb-considers-proposal-to-ban-arbitration-clauses-that-allo...

[CreditMagic7]

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@gdale6 wrote:

Proposal Would End the Free Pass Companies Use Against Group Lawsuits

WASHINGTON, D.C. — Today the Consumer Financial Protection Bureau (CFPB) announced it is considering proposing rules that would ban consumer financial companies from using “free pass” arbitration clauses to block consumers from suing in groups to obtain relief. Buried in many contracts for consumer financial products like credit cards and bank accounts, most arbitration clauses deny consumers the right to participate in group lawsuits against companies. With this free pass, companies can sidestep the legal system, avoid big refunds, and continue to pursue profitable practices that may violate the law and harm countless consumers. The CFPB’s proposals under consideration would give consumers their day in court and deter companies from wrongdoing.

http://www.consumerfinance.gov/newsroom/cfpb-considers-proposal-to-ban-arbitration-clauses-that-allo...

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Every little bit helps especially where consumer relief is concerned in those instances.

I suppose it may take an enormous amount of jockying before anything mentioned there actually makes it to the finish line?

[Imperfectfuture]

This will definitely take time. The buzz on the street, can leak over to telecom and cable companies, caused a drop in stock prices. You can bet there will be heavy lobbying, and money thrown at the candidates.