New CFPB Rule Against Forced Arbitration
Today, we got a big win for consumers! The Consumer Financial Protection Bureau (CFPB) issued a final rule to ensure consumers can enforce their rights and challenge big banks in court.
This move protects consumers from forced arbitration – a tactic devised by corporate attorneys for Wall Street banks to block consumers from challenging illegal behavior in court. The new CFPB rule ensures that big banks like Wells Fargo can longer cover up widespread fraud by forcing consumers into a secret arbitration proceedings.
Read a letter from 310 consumer, civil rights, labor, and community groups supporting the rule here: http://bit.ly/2muPunn