Intelligence

Banks and Financial Institutions Banned From Forced Arbitration

The Consumer Financial Protection Bureau (CFPB) finalized a rule that bans banks and financial companies from inserting certain
“forced arbitration” clauses in credit card, auto loan, student loan, payday loan, and other financial contracts. The rules will help consumers who were unknowingly and illegally overcharged to get refunds. I want to hear from certified financial planners, and other financial experts. What does this mean for consumers? How does it work in their favor? What is the potential impact on banks and financial institutions? Send me your thoughts.