CFPB Proposal Would Effectively Eliminate Most Pre-Dispute Consumer Arbitrations To no one’s surprise, the Consumer Financial Protection Bureau (CFPB) proposed rules on May 5, 2016 that will effectively, if promulgated as expected, eliminate most pre-dispute arbitrations arising out of the sale of consumer financial products. As detailed below, the proposed rules would, among other things: (1) …
“I had no idea this could happen, it’s frightening,” said Michelle Duchouquette. Michelle Duchouquette and her husband Robert were sued earlier this year after writing a one-star review about Prestigious Pets in Dallas. The review said she didn’t like the extra $5 fee to walk her dogs and that the fish bowl water appeared cloudy with …
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 …
The Consumer Financial Protection Bureau (CFPB) has unveiled a proposed new rule on binding arbitration, those clauses usually buried in the fine print of your credit card agreement that say you can’t sue your bank. You have to go to arbitration instead. The CFPB proposal would let consumers band together to sue in class action lawsuits.
If government regulators get their way, it’s going to become a lot easier to sue your bank. By and large, U.S. bank customers have signed away their right to sue their bank in court, often without being aware of it. Buried in the fine print of credit card agreements, bank accounts and insurance policies are what are known as binding, or mandatory, arbitration …
As we reported last year, in October 2015 the Consumer Financial Protection Bureau published an outline of proposals that would limit the use of arbitration provisions in contracts for consumer financial products. On May 5, 2016, the CFPB followed up by releasing a proposed rule that would ban consumer financial services providers such as banks, credit card issuers, and small-dollar lenders …
The nation’s top consumer financial regulator wants to put a stop to that. The Consumer Financial Protection Bureau proposed a rule Thursday that would ban arbitration clauses, which would affect the entire financial industry and the hundreds of millions of bank accounts, credit cards and other financial services …
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 …
Diamond Pet Food and Costco have begun paying settlements to Canadian pet owners who say their pets required screening and/or treatment, or the pets died, after they were exposed to Salmonella in 2011 and 2012. A class action lawsuit was filed against Diamond Pet Foods and its distributor, Costco, after pet illnesses and some deaths occurred. While admitting no liability, the companies agreed …