Consumerist, House Passes Bill Allowing Banks To Continue Using “Get Out Of Jail Free” Card: “In last night’s vote, Wall Street interests prevailed over the interests and rights of American consumers,” says Christine Hines, legislative director for the National Association of Consumer Advocates.
July 8, 2016
For Immediate Release:
Funding Bill Packed with Riders to Obstruct the Consumer Financial Protection Bureau
Statement of Christine Hines, Legislative Director, National Association of Consumer Advocates
A bill in Congress, H.R. 5112, would repeal the Consumer Financial Protection Bureau's authority to stop abusive acts and practices in consumer finance by striking the prohibition on abusive acts and practices from the U.S. Code.
Page updated July 10, 2017
On July 10, the Consumer Financial Protection Bureau (CFPB or Bureau) released its final rule to restrict the use of forced arbitration clauses in consumer financial contracts that prohibit consumers' participation in class action suits. The rule also includes reporting requirements to increase transparency in secretive individual forced arbitration. Below are materials related to the rulemaking.
Law360: "Bankers and others in the industry have said the Consumer Financial Protection Bureau’s use of enforcement actions to influence market practices is unprecedented and potentially unfair, but the bureau’s tactic is an aggressive extension of the way other regulators use enforcement actions..."