NACA in the News: Consumer agency proposes making it easier to sue banks

Release Date: 
May 5, 2016
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Bankrate, Consumer agency proposes making it easier to sue banks

"The bureau's 377-page proposed rule would wipe out those waivers prohibiting financial services providers from forcing customers to sign away their right to join a class action in order to get services. The rule will apply to new accounts after the regulation becomes final -- probably more than a year from now.

And it's not just banks and the checking accounts and credit cards they sell that are affected -- credit reporting agencies, debt collectors, auto financing companies and other financial services providers will also be covered, says Ira Rheingold, an attorney and executive director of the National Association of Consumer Advocates."