The California Right to Know Act, a bill being considered by California lawmakers, would bring California consumers additional privacy rights by requiring companies to disclose to consumers the data they've collected and with whom it was shared during the past year, if the consumer requests it. The bill, known as the "Right to Know Act of 2013," AB 1291 would require companies to provide a free report in response to a customer's request and respond within 30 days. The law defines "customer" as … [Read more...]
Mandatory Arbitration: CFPB Study Brings the Debate to Congress
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...]
Forced 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...]
Binding Arbitration Agreements: A Consumer Injustice That Only Protects 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 binding arbitration agreement 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 … [Read more...]
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