Tag: Consumer Financial Protection Bureau

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.