The Consumer Financial Protection Bureau is seeking comment on a new proposed regulation that would prohibit mandatory arbitration clauses that deny groups of consumers their day in court, putting into motion discussions that started toward the end of last year. Arbitration clauses generally require that if there’s a dispute, parties must first try to resolve the issue through an arbitration …
A new proposal by the nation’s chief consumer watchdog could help government regulators and prosecutors stop big banks’ dubious practices more quickly. The Consumer Financial Protection Bureau on Thursday suggested a ban on clauses tucked into contracts for credit cards, student loans and other financial products that prohibit consumers from joining together to sue financial companies for …
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits. The 377-page proposal, released to the media a day early, would still allow companies to offer arbitration as a way to …
The state Attorney General’s Office has filed a civil lawsuit against a financial services company and its owner. The allegation: that at least four consumers, three of whom are military veterans, were bilked out of nearly $25,000. The lawsuit filed against James Wallace and Ohio-based Wallace Marketing Group is the result of an investigation by the AG’s Bureau of Consumer Protection.
Much of the criticism leveled against the Consumer Financial Protection Bureau (CFPB) in the Bureau’s brief five-year history has been centered on claims that the CFPB is too tough on businesses it deems to have engaged in predatory financial activity. This week, however, a large number of prominent national organizations called for the CFPB to get even tougher. A coalition consisting of more …
Evelyn Houser, a North Philadelphia grandmother, didn’t live to see the end of what she started six years ago. Houser, who died in September, was a lead plaintiff in the landmark $15 million settlement of a class-action suit this week that may help hundreds of thousands of people with criminal records get jobs. “My mom was always a determined person,” said her son, Cephas Houser.