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 …
New rules proposed on Thursday by a U.S. consumer watchdog would block credit card companies, banks and other firms from forcing customers to waive their rights to join class action lawsuits and settle disputes only through arbitration. The Consumer Financial Protection Bureau said financial firms should be barred from using fine print in contracts that mandates arbitration instead …
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.
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 …
Have you ever used a credit card? Or signed up for a phone plan? Opened a bank account? Chances are, you also agreed to never sue the company that offered you the service. A massive number of everyday services require us to agree with some kind of written contract. From more significant decisions like taking a loan, to the most trivial, like updating iTunes. The government is now …
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.
On Thursday, the Consumer Financial Protection Bureau (CFPB) proposed a new rule that would ban the use of mandatory arbitration clauses, which many banks and credit card companies insert into contracts to prohibit customers from filing class-action lawsuits against them. In the event a customer sues a company outside of small-claims court, the business can enforce these clauses to block a …
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 …
A judge for the US District Court for the Northern District of California said Thursday that German automaker Volkswagen AG (VW) has reached a settlement with the US Environmental Protection Agency (EPA), California officials and consumers over a plan to fix or buy back nearly 600,000 diesel-powered vehicles…
Mary Julia Klimenko thought she was prudent 20 years ago when she invested in a long-term care insurance policy, one she believed would help pay for the care she’d need as she aged. Now she wishes she’d banked the money instead. Her monthly premiums have nearly quadrupled over the past two years, and Klimenko, 69, is furious about the choices she’s been given: pay the higher cost, lower her …