With all the doom and gloom coming out of Washington these days, it is easy to miss the victories consumers have earned. Most notably, the Consumer Financial Protection Bureau (CFPB) turned 6 last Friday! In that time, defenders of the CFPB have helped it ward off countless attacks from Wall Street and allowed the agency to focus on its mission of protecting consumers from predatory lenders and unethical financial industry practices. Last week was no exception. After years of study, deliberation, and research, the CFPB followed through with its Congressional mandate under the Dodd-Frank Act by passing rules to rein in the abusive practice of forced arbitration in financial contracts. Thanks to this rule, consumers will be protected from “rip off clauses” hidden in financial contracts designed to deny Americans their day in court.
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