The U.S. Consumer Bureau, a federal agency that owes its existence to Elizabeth Warren, is proposing to end the practice of financial companies barring their customers from filing class-action lawsuits as a condition for obtaining checking accounts or credit cards.
The Consumer Bureau found that very few people make it to arbitration, and when they did, payouts were limited.
In fact, business got bigger judgements from consumers ($2.8 million) than consumers received ($400,000.)
This will be a battle, of course. The U.S. Chamber of Commerce will oppose the change. Congressional Republicans will oppose the change. In fact, congressional Republicans have already tried to have the Consumer Bureau dismantled. Anything to aid their campaign contributors.
(Information for this post came from “U.S. Consumer Bureau Proposes End to Arbitration-Only Credit Clause” in today’s Times. Of course, I’m sure readers who tell me they get all the news they need from the Internet already knew all of this.
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