Author Archives: Elizabeth Dexheimer

Wall Street Bull

Why Financial Firms Want to Keep You Out of Court

Why Financial Firms Want to Keep You Out of Court

By Elizabeth Dexheimer, Bloomberg News  When consumers sign up for a new credit card or checking account, often buried in the fine print of the contract is an arbitration clause. Invented by corporate lawyers, it typically requires consumers to resolve disputes privately through arbitration, not the courts, and bars them from joining together in so-called

Richard Cordray, director of the U.S. Consumer Financial Protection Bureau (CFPB), swears into a House Oversight and Government Reform Subcommittee hearing in Washington, D.C., U.S., on Tuesday, Jan. 24, 2012. Photographer: Andrew Harrer/Bloomberg

CFPB Hits Back at Efforts to Kill Rule Easing Bank Lawsuits

By Elizabeth Dexheimer, Bloomberg News Just days after approving a controversial rule that will make it much easier for Americans to sue their banks, the U.S.’s top consumer watchdog is already fighting back against attempts to prevent the regulation from taking effect. Consumer Financial Protection Bureau Director Richard Cordray said there is “no basis” to