CFPB bans mandatory arbitration clauses, allows class action against banks

The Consumer Financial Protection Bureau revealed its new rule to ban companies from using mandatory arbitration clauses, allowing consumers to participate in class action lawsuits. The new rule mainly pertains to consumer financial products like credit cards and bank accounts that have arbitration clauses in their contracts that prevent consumers from joining together to sue their bank or financial company for wrongdoing. But not everyone is on board with the new rule.