Proposed Rule Would Allow Consumers to Sue Banks, Credit-Card Companies

Consumers are set to gain new powers to sue banks under a proposal unveiled Thursday by the Consumer Financial Protection Bureau.

The proposed rule would restrict the use of arbitration clauses in consumer financial contracts, shifting more power to consumers for a range of financial products, from credit cards to bank accounts to private student loans.

http://www.wsj.com/articles/cfpb-unveils-proposed-rule-to-let-consumers-sue-banks-credit-card-companies-1462420862

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