Con­sumer-friendly rules

The Denver Post - - BUSINESS -

New fed­era lr ule swo uld en­able con­sumers to band to­gether to sue their banks or credit card com­pa­nies. The Con­sumer Fi­nan­cial Pro­tec­tion Bureau on Mon­day banned mos tt ype sof manda­tory ar­bi­tra­tio nc lauses, which re­quir ec redit card or bank cus­tomers to us ea me­diat orw hen they hav ea dis­pute. That of­ten means they give up thei rr ight t os ue in court. The CFPB’S rules ar en ot at otal ban o na rbi­tra­tio nc lauses, and the change i sl ikely to face push­back from the bank­ing in­dus­try and the Repub­li­can-con­trolled Congress, which sees the CFPB as an agenc yw ith too much power and t ool it­tle over­sight.

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