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Republicans introduce bills to scrap new bank arbitration rule

Source: James Rufus Koren, L.A.Times (Paid Registration)

Republican lawmakers in the House and Senate have introduced bills calling for the repeal of a just-announced regulation that would make it easier for consumers to bring class-action lawsuits against banks.

The rule unveiled last week by the Consumer Financial Protection Bureau would ban banks and other financial institutions from using arbitration clauses to block customers from bringing or joining class-action suits. Republicans had immediately pledged to unwind the rule before it takes effect next year.

Read Full Article: Republicans introduce bills to scrap new bank arbitration rule