New CFPB Rule–Banks and Finance Companies Will be Barred from Using Forced Arbitration to ban Class Actions

New CFPB Rule–Banks and Finance Companies Will be Barred from Using Forced Arbitration to ban Class Actions Banks and payday lenders have had a good deal going for a while: They could break the law, trick their customers in illegal ways, and not have to face any consumer lawsuits. Armed by some pretty bad 5-4 Supreme Court decisions, they could hide behind Forced Arbitration clauses (fine print contracts that say consumers can’t go to court even when a bank acts illegally), even when it was clear that the arbitration clauses made it impossible for a consumer to protect their rights....

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