To make sure that never happened again, the Consumer Financial Protection Bureau banned mandatory arbitration clauses in financial sector contracts, freeing consumers to sue banks, lenders and other financial institutions. and Al Franken (D-Minn.) are among those leading the fight in Congress to preserve the consumer watchdog’s arbitration rule. But using an obscure tool called the Congressional Review Act, House Republicans have already voted to repeal the rule. “It gives citizens the right to join together to sue banks when they break the law. But this is a battle between consumers and banks, and it absolutely affects all of us.

Source: Forbes August 31, 2017 01:45 UTC