House Passes Bill Allowing Banks To Continue Using ‘Get Out Of Jail Free’ Card

‘A few months back, the Consumer Financial Protection Bureau proposed new rules that would limit how banks, credit card companies, and other financial services could shield themselves from legitimate lawsuits by forcing customers to sign away their constitutional rights. Now, the House of Representatives has passed an appropriations bill that, if signed, would stop the CFPB from enforcing these rules and give banks back their “get out of jail free” cards.
A growing number of companies — from banks to cable companies to for-profit colleges — have adopted the practice of inserting arbitration clauses into their customer contracts. These clauses, which most customers have no authority to change or remove, generally do two things: bar the consumer from suing the company in a court of law, and prohibit that consumer from joining similarly harmed customers in a class action.’
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