U.S. consumers sharply increased their use of credit cards in March, pushing up total borrowing at the fastest pace in 15 years. more »
"Many banks and financial companies avoid accountability by putting arbitration clauses in their contracts that block groups of their customers from suing them," said CFPB Director Richard Cordray.
In a major setback for banks, credit unions, credit card companies and many other financial firms, the Consumer Financial Protection Bureau on Thursday issued a proposal that would ban the use of arbitration clauses that prevent consumers from bringing class-action lawsuits. more »