The growing use of mandatory arbitration has become a hot topic among businesses and consumers, which has led the debate all the way to Congress, with billions of dollars potentially at stake. Like many issues brought to Congress, a government agency has been given the task to study arbitration, causing both financial institutions and consumer groups to lobby to influence the study's design, reports the American Banker.The study is expected to widely influence implementation of the Dodd-Frank … [Read more...]
Binding Arbitration is a Bad Deal for Financial Services Consumers
Consumers may have a chance in disputes with financial institutions if the CFPB is able to limit forced arbitration. The financial industry loves forced arbitration and for good reason. When a consumer "agrees" to the bank's required terms of doing business with it, if there are any problems, the consumer is prevented from seeking redress in the courts. Consumers can't band together in class action lawsuits either, under the terms of these agreements. An arbitration is essentially a private … [Read more...]
A Consumer Injustice: Arbitration Agreements Only Protect Big Business
The days of facing your opponent in a court of law to settle disputes are rapidly fading, especially if you're a consumer. For consumers, a barely noticeable clause may be trading your right to a day in court for forced arbitration when disputing a matter with a company, because you were given no choice when you signed or were given the contract for their services. Have you ever felt that you have been wrongfully charged a service fee, a no-show charge or were locked into a contract with a … [Read more...]
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