Tag: CFPB

American Banker Magazine says that Equifax data breach may doom GOP efforts to stop CFPB from banning class action waivers

September 13, 2017 by

An interesting article in the American Banker Magazine says that the hoopla surrounding the Equifax data breach, including Equifax’s efforts to force consumers into arbitration after the data breach, may mean doom for GOP efforts to reverse the rule adopted by the CFPB that bans forced arbitration and class action waivers.

Republicans move to invalidate new CFPB rule banning forced arbitration

July 21, 2017 by

On July 20, 2017, Congressional Republicans began a process to attempt to eliminate a Consumer Financial Protection Bureau rule that stops companies from putting class action bans in their arbitration clauses and makes it easier for consumers to sue banks, credit card firms, payday lenders and other service providers in court.

Wells Fargo got away with setting up sham accounts for 5 years because of forced arbitration clauses

September 21, 2016 by

According to a story published in the Hill, Wells Fargo’s scandalous practice of secretly opening more than 2 million sham deposit and credit card accounts dragged on for at least five years, because Wells Fargo contract provisions blocked consumers from suing the bank in court.

Prepaid RushCards don’t work

November 2, 2015 by

Consumers who use RushCards to purchase groceries, gas and pay for other expenses recently were unable to use their cards for cash withdrawals or purchases, and some reported that their account balances did not include recent pay deposits and reported erroneous balances.

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