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16 days ago
U.S. moves to ban arbitration 'fine print' in financial contracts
July 10, 2017 / 6:13 PM / 16 days ago

U.S. moves to ban arbitration 'fine print' in financial contracts

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WASHINGTON (Reuters) - The U.S. Consumer Financial Protection Bureau on Monday released a rule that would bar credit card companies, banks and other firms from requiring that customers agree to settle any disputes away from the courts and in arbitration as a condition of opening an account.

The rule would also require companies to give the CFPB records of initial claims, counterclaims, answers to claims, and awards issued when they do resolve an issue with a customer in arbitration. The agency said it intends to publish redacted versions of the records on its website beginning in July 2019.

Reporting by Lisa Lambert; Editing by James Dalgleish

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