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]
National Association of Consumer Advocates
58 Senators Urge CFPB To Create Rules Against Forced Arbitration Clauses In Financial Products
By 5.21.15
Arbitration Fairness Act Would Reinstate Consumers’ Right To Sue In Court
By 4.30.15
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.
Outline For Payday Lending Rules A Good Start, But Not Enough To Fully Protect Consumers
By 3.26.15
Today, the Consumer Financial Protection Bureau released the first details of long-awaited regulations governing payday loans and other small-dollar lines of credit known to thrust consumers into a devastating cycle of debt. While consumer advocates were quick to applaud the Bureau’s work, and those in the financial industry to voice displeasure with aspects of the potential rules, both groups agreed that the coming months will involve more time and effort to craft meaningful protections for both sides of the issue. [More]
More Than 100 National Consumer Groups Urge The CFPB To Issue Rules Over Forced Arbitration Clauses
By 3.24.15
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]
