Tens of Millions Unknowingly Waive Right to Band Together to Sue Banks, CFPB Finds
Tens of millions of Americans bilked by financial companies unknowingly give away their right to ask a judge to grant them relief, the Consumer Financial Protection Bureau (CFPB) found, in a report set to be released Tuesday—an investigation that increases the likelihood new proposed rules on banks could be imminent. Three-out-of-four credit card and bank account holders are unaware that their contracts with financial institutions include so-called “forced arbitration clauses”–fine print on contracts that prevents consumers from banding together to claw back extortionate charges in… Keep Reading