58 Senators Urge CFPB To Create Rules Against Forced Arbitration Clauses In Financial Products

58 Senators Urge CFPB To Create Rules Against Forced Arbitration Clauses In Financial Products

A month after legislation was introduced to eliminate mandatory arbitration clauses in employment, consumer, civil rights and antitrust cases, a coalition of 58 lawmakers and several consumer advocate groups are urging the Consumer Financial Protection Bureau to take things a step further by protecting consumers from forced arbitration clauses in financial services contracts. [More]

(Brian Turner)

Arbitration Fairness Act Would Reinstate Consumers’ Right To Sue In Court

 

Companies have been taking away your right to sue them when they screw up for years, using small, hidden clauses to require mandatory binding arbitration instead. After years of consumer groups voicing their concern over this anti-consumer practice, there’s finally a new bill in congress that proposes to bring back your right to sue.

[More]

( SarahMcGowen)

More Than 100 National Consumer Groups Urge The CFPB To Issue Rules Over Forced Arbitration Clauses

Just weeks after the Consumer Financial Protection Bureau released a report showing that tens of millions of Americans have clauses in their credit card, checking account, student loan and wireless phone contracts that take away their rights to sue those companies in a court of law, more than 100 consumer groups have signed a letter urging the Bureau to address the use of forced arbitration clauses by issuing rules forbidding the clauses. [More]

(photo: Other98.org)

Marching Band Delivers Petition To Citi Asking Banks To “Revoke License To Steal”

In a handful of recent decisions, the U.S. Supreme Court has affirmed the right of businesses to effectively break the law by putting a few carefully worded sentences into their contracts and user agreements. But just because you can add these clauses doesn’t mean you have to do so, which is why pro-consumer advocacy groups gathered more than 100,000 signatures on a petition that was delivered, with a little bit of music, to Citigroup HQ in Manhattan this morning. [More]

Online Retailer Will Fine You $250 If You Even Threaten To Complain About Purchase

Before the site went down for prolonged "maintenance" Accessory Outlet included a clause in its Terms of Sale that charged a $250 penalty to complaining customers.

If you were put off by KlearGear.com’s ridiculous “Non-Disparagement” fee, which penalizes customers for sharing their bad shopping experiences with the public, another online retailer is apparently trying to go one further, by not only banning customers from saying bad things online, but by also forbidding them from even bringing up the threat of a complaint or a credit card chargeback. [More]

Why These 5 Pro-Consumer Bills Won’t Become Law In 2014

Why These 5 Pro-Consumer Bills Won’t Become Law In 2014

Back in January, at the dawn of the year, we gazed into our not-quite-crystal ball and took a look at some pieces of pending legislation that could help consumers this year. Now, in July, we’re at the halfway point of the year, and so it’s a good time to take a look at those bills and see how the wheels of government have turned in 2014. [More]

Your Guide To Proposed Laws & Regulation That Could Help Consumers In 2014

Your Guide To Proposed Laws & Regulation That Could Help Consumers In 2014

2013 is gone, a collection of memories never to be dealt with again.  Next week, the 113th Congress returns for its second session, ideally to enact legislation throughout 2014, some of which could help consumers if they were to become law. [More]

(MoneyBlogNewz)

Comcast Lawsuit Shows Why Mandatory Binding Arbitration Is Just Plain Evil

I know, I know… lots of you hear a phrase like “mandatory binding arbitration” and your eyes gloss over and your mind drifts off like it did when your high school history teacher tried to teach you about the Monroe Doctrine or the Teapot Dome scandal. And that’s exactly how companies like Comcast — and AT&T, Time Warner Cable, American Express, Sony, Microsoft, eBay, and many, many others want you to react. But here’s a decent example of why you should give a hoot about having your rights taken away by a few words in a contract you can’t possibly alter. [More]

(angela n.)

TiVo Adds Mandatory Binding Arbitration For Customers: Here’s How To Opt Out

We at Consumerist have crusaded against the evils of mandatory binding arbitration for most of the last decade. Companies love it, though, because it means we can’t sue them. TiVo is only the latest company to insert language requiring customers to use arbitration and give up their right to sue. You can opt out of that provision, though, if you want to. [More]

Instagram's new TOS takes away your right to a class-action lawsuit, unless you opt out now.

Here’s How To Opt Out Of Instagram’s New Arbitration Clause

Among the other controversial changes to Instagram’s Terms of Service is a spanking new forced-arbitration clause that, as things do, effectively takes away consumers’ rights to band together in a class-action against the company. Thankfully, you can opt out of the clause in writing before Feb. 15, 2013. [More]

U.S. Supreme Court Rules That Consumer Credit Card Claims Must Be Handled By Arbitration

U.S. Supreme Court Rules That Consumer Credit Card Claims Must Be Handled By Arbitration

Credit card companies scored a win yesterday, after the U.S. Supreme Court ruled that credit card claims by consumers must go to arbitration, instead of being tried in a court room. The ruling overturned one made by a U.S. appeals court in San Francisco that had said the Credit Card Repair Organizations Act was meant to bar arbitration. [More]

Watch Now The Live Senate Hearing On Whether Forced Arbitration Is Fair

Watch Now The Live Senate Hearing On Whether Forced Arbitration Is Fair

Here’s a live webcast of the judiciary committee’s hearing on mandatory binding arbitration going on right now. The title of the hearing is “Arbitration: Is it Fair When Forced?” Arbitration clauses appear in all sorts of consumer contracts and they mandate that in order to use the product or service, you have to agree to give up your right to sue if anything goes wrong. Originally designed for businesses to expedite disputes with other businesses, binding arbitration clauses are now also a popular way for companies to strip consumers of their basic legal rights. Since the hearing is chaired by Senator Al Franken, you know there’s bound to be some good zingers. Pop the popcorn and sit back! [More]

How To Say No To Arbitration With Your Cable Company

How To Say No To Arbitration With Your Cable Company

Here’s something neat. Comcast, Time Warner Cable, and Cablevision/Optimum actually let customers opt out of arbitration when they sign up. If you don’t want to give up your right to personally sue them in a court of law and be forced into a kangaroo court overseen by a judge whose fees are paid for by the company you’re suing, Cablevision will let you. The caveat is that you have to tell them within 30 days of signing your contract. Here’s the links and relevant contract language to opt-out: [More]

Senators Introduce Bill To Ban Mandatory Binding Arbitration Clauses In Cellphone Contracts

Senators Introduce Bill To Ban Mandatory Binding Arbitration Clauses In Cellphone Contracts

When you buy a new cellphone you have to sign a contract where you give up your right to sue. You agree to what’s called, “mandatory binding arbitration.” This is a bad thing to give to an industry that has high levels of complaints about hidden fees and abusive anti-consumer practices. Because if their crummy customer service fails to remedy an issue, your last resort option is to participate in a kangaroo court system that is paid for out of fees paid by the cellphone companies themselves. So Senators Richard Blumenthal (D-CT) and Al Franken (D-MN) have today introduced The Consumer Mobile Fairness Act that would ban mandatory arbitration clauses in cellphone contracts. [More]

Mandatory Binding Arbitration Is Almost Dead

Mandatory Binding Arbitration Is Almost Dead

A provision buried deep within the recently passed Wall Street reform bill has the power to finally kill off mandatory binding arbitration, one of the more dangerous anti-consumer practices still sanctioned by law. While the bill includes a limited provision banishing arbitration agreements from mortgages and home equity loans, it also gives broad powers to the Securities and Exchange Commission and the new Consumer Financial Protection Bureau to kill off arbitration in all other consumer financial products. [More]

T-Mobile Fixes Broken Arbitration Opt-Out Site Our Reader Spotted

T-Mobile Fixes Broken Arbitration Opt-Out Site Our Reader Spotted

A little over two weeks ago, tipped by reader Chan, we told you about how buried in T-Mobile’s online terms and conditions is a way to opt-out of their mandatory binding arbitration clause, but unfortunately the website where you were supposed to do it was down. We gave their PR guy a heads up and now the site, www.t-mobiledisputeresolution.com, is online. [More]

Court Says Arbitrators Can Decide If Arbitration Is Fair

Court Says Arbitrators Can Decide If Arbitration Is Fair

Think the arbitration clause in a contract is unfair? Go ahead and contest it! Of course, you shouldn’t expect to win, since the Supreme Court has just ruled that it’s just fine for the arbitrator to decide whether the clause is fair. [More]

You Could Opt Out Of T-Mobile's Arbitration Clause… If Their Site Wasn't Broken

You Could Opt Out Of T-Mobile's Arbitration Clause… If Their Site Wasn't Broken

Consumerist is no fan of mandatory binding arbitration, a clause in many consumer contracts that forces you to give up your right to sue in small claims court and have all disputes resolved by a professional arbitration firm that gets paid directly by the companies. So when I saw that there was an way to opt-out of T-Mobile’s arbitration clause online, I was stoked. Then I tried to go there, and the site was broken. Fail phone! UPDATE: T-Mobile Fixes Broken Arbitration Opt-Out Site [More]