U.S. consumers who lost money to a Canada-based debt and mortgage relief scam will receive nearly $1.87 million. 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 »