We should get our day in court when a bank rips us off. [Action complete]
Comment period closed on August 22, 2016. Many thanks to our supporters who urged the CFPB to restore justice for consumers!
But we are usually out of luck, because businesses insert fine print into consumer contracts that force us to use a private dispute resolution system called arbitration, which is controlled and paid for by the company. The federal Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would ban most mandatory arbitration clauses in financial contracts. Consumers wronged by a bank, credit card issuer, automobile finance, debt collector or payday lender could band together and file a class action lawsuit in a courtroom. Learn more here.