Fresh Today

Fresh Today

WASHINGTON–The Senate has voted in favor of killing the CFPB’s ban on arbitration clauses in financial contracts, which would have allowed class action suits against financial institutions instead of requiring that disputes go to private arbitration.

WASHINGTON–In an odd juxtaposition, the Consumer Federation of America was calling on Congress to support the CFPB’s ban on arbitration clauses and even praising credit unions as an example of why such clauses aren’t needed, while at the same time credit unions are criticizing the CFPB’s position.