White House Applauds Vote Removing Right To Sue Banks, Credit Card Companies
The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau.
The banking industry had been lobbying hard to roll back the regulation from the Consumer Financial Protection Bureau.
The rule from the CFPB blocks ‘a fine-print trick that banks and predatory lenders use to evade accountability and conceal illegal behavior’
A new rule by a federal watchdog—hailed as having "paramount importance" for protecting consumers from Wall Street predators and curbing corporate abuses—is under direct attack by Republicans just days after being issued. The rule from the
The ‘abusive practice… blocks consumers from challenging predatory practices such as hidden fees, fraud and other illegal behavior.’
A new proposal from the U.S. financial watchdog for consumers has been applauded for its ability to help prevent big banks from evading liability for wrongdoing. The Consumer Financial Protection Bureau's proposal, unveiled Thursday, curtails mandatory arbitration clauses in financial products like credit cards, bank accounts, and student loans,