Morning Scan: CFPB Set to End Mandatory Arbitration for Consumers

New York Times

The Times has a curtain-raiser on the Consumer Financial Protection Bureau's proposal to let consumers bring class-action lawsuits against banks and other financial-services companies, rather than be forced into mandatory arbitration. Read a concise account of the CFPB's proposal by American Banker's Kate Berry here. The proposal, if approved, would be a "major setback for banks, credit unions, credit card companies and many other financial firms," AB reports. In fact, the proposal would...