Today the Consumer Financial Protection Bureau (CFPB) proposed a new rule that could make it easier for you to sue a credit card company. According to the CFPB, The proposed new rule would “make it illegal for contracts for many types of consumer financial products to have an arbitration clause that deprives consumers of the opportunity to participate in a class action lawsuit.”
Currently, many companies use contracts with arbitration clauses that prohibit consumers from filing a class action suit. This new proposed rule would allow consumers to band together to form a class action lawsuit so that companies can be held accountable for wrongdoing.
Learn more about the proposed rule at consumerfinance.gov.