CFPB Report Confirms That Banks & Credit Card Companies Are Taking Away Your Right To Sue

From Consumerist: “Allowing companies to force consumers into an often biased, secretive, and lawless system deprives millions of people of their right to justice,” explains Lauren Saunders, managing attorney of the National Consumer Law Center.


In 2011, the Supreme Court held that it was A-OK to not only hide a complicated forced-arbitration clause in a novel-length contract for a consumer product or service, but that it was also just peachy that such a clause stripped the consumer of his/her right to bind together with other affected customers in a class action. Since then, sellers of everything from cellphone service to video games have added these complicated clauses in an attempt to keep complaining consumers out of court and into the unfair arena of arbitration. Today, the Consumer Financial Protection Bureau issued its first report on forced arbitration, and the results are, sadly, not shocking.

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