CBA in the News

Press Contact

Bobby Grant
bgrant@consumerbankers.com
202-552-6365
  • July 11, 2017
    The Consumer Financial Protection Bureau moved Monday to ban banks and other companies from preventing class-action lawsuits related to bank accounts, credit cards, and other financial products, a move that is likely to elicit pushback from the Republican-led Congress. The agency announced that it had finalized a rule to prevent mandatory arbitration clauses in financial products, which steer...
  • July 11, 2017
    The U.S. Consumer Financial Protection Bureau is making it easier for customers to sue banks, a move sure to rile Wall Street and congressional Republicans. Financial firms will be restricted in using mandatory arbitration to block class-action lawsuits, the CFPB said in a statement Monday. Clauses requiring arbitration to settle disputes are inserted routinely in contracts for credit cards,...
  • July 11, 2017
    NEW YORK (AP) — Consumers could band together to sue their banks or credit card companies under a federal rule issued Monday that's likely to face resistance from Congressional Republicans and the White House. The Consumer Financial Protection Bureau decided to ban most types of mandatory arbitration clauses, which require credit card or bank customers to use a mediator when they have a dispute...
  • July 11, 2017
    The government’s consumer watchdog finalized a rule Monday that will make it easier for people to challenge financial companies in court. The rule by the Consumer Financial Protection Bureau targets arbitration clauses, which are frequently tucked into the fine print of user agreements for credit cards, bank accounts and other consumer products. As a condition for receiving services or products,...
  • July 11, 2017
    A US consumer-protection agency is moving forward with its proposed rules to prevent financial institutions from requiring customers to give up the right to band together and sue over alleged wrongdoing affecting financial products and services like banks accounts and credit cards. The US Consumer Financial Protection Bureau on Monday released a final version of its long-awaited rule, which takes...
  • July 11, 2017
    U.S. banks and credit card companies could be prevented from blocking customers from banding together to sue them under a rule released by the country's consumer finance agency on Monday. In releasing the rule, which goes into full effect in eight months, the Consumer Financial Protection Bureau fired the first shot in a likely brutal political battle between Republicans and Democrats over...
  • July 10, 2017
    Banks and financial services companies will see their ability to require out-of-court arbitration in class action disputes with consumers limited by a Consumer Financial Protection Bureau rule set go into effect within the next year, setting up a likely partisan fight over whether Congress should intervene. The CFPB announced Monday that it would finalize its so-called “forced arbitration” rule...
  • July 10, 2017
    With the ink barely dry on the Consumer Financial Protection Bureau's final arbitration rule Monday, defenders and critics of the rule were already girding for a congressional fight over its ultimate fate. The rule, which is meant to allow consumers to more easily form or join class action lawsuits, is widely unpopular among banks and congressional Republicans, who have vowed to repeal it through...
  • July 10, 2017
    NEW YORK (CNNMoney) -- It just got easier for you to sue your bank and credit card company. The Consumer Financial Protection Bureau issued a new rule Monday that prevents companies from using arbitration clauses to stop consumers from bringing class action lawsuits. The clauses force people to "go it alone or give up," said CFPB Director Richard Cordray. "Our new rule will stop companies from...
  • June 28, 2017
    Online lender SoFi’s decision to apply for a bank charter has snagged the attention of alternative lenders, big and small banks and regulators alike. Market participants appear split between cheering the move and drawing a line in the sand. One thing they agree on is that the signs were there all along. Christopher Cole, executive vice president and senior regulatory counsel at the Independent...

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